MXI Computing Ltd in Co Wicklow has signed an €80,000 two-year deal with Capital Bank in Macedonia to provide the financial institution with bespoke modelling software to enable its loan book to be stress tested.
The small independent bank, which has retail, corporate and capital markets divisions in Macedonia and Bulgaria, will be utilising the MXI Computing software to assess its most profitable business drivers.
MXI Computing is also in advanced negotiations with a Dutch company, to provide it with business intelligence services and has already signed up clients in the UK, Czech Republic and Hong Kong, along with Macedonia.
Business intelligence and forecasting services now account for around 30pc of MXI’s turnover and Graham Mulhern, the company founder, expects it to account for 50pc of turnover in 2011.
“Turning raw data into valuable information is the key to business intelligence but an effective software solution and model must also help companies to convert that information into actions, for the benefit of the business," he said.
MXI Computing was established in 1997 and now employs five people at its Wicklow base. The company received financial assistance from the Wicklow County Enterprise Board in 2008 to help develop its international presence, extending its technology capacity and base.
The Capital Bank contract has now entered its implementation phase and the Bray business plans to pursue further enterprise opportunities in the Balkan Peninsula.
“Capital Bank is a highly respected financial institution in an EU Candidate Country, with ambitions to grow their market share in the region. This project will help us to promote the value of business intelligence and forecasting services to other organisations in Macedonia, and in the surrounding countries of Bulgaria, Albania and Serbia, which also depend on accurate and timely information,” Mulhern added.
Despite the new contracts for business intelligence, the core business for the company is the provision of IT services for the mid-sized manufacturing sector. It provides production management, ERP and supply chain management software solutions to companies in Ireland, the UK, Czech Republic and China.