ServiceFrame, a Dublin-based cloud software company, has raised €950,000 in venture capital, from the Bank of Ireland Seed and Early Stage Equity Fund, Kernel Capital, Enterprise Ireland and private investors.
The company’s technology enables companies to manage and govern their strategic outsourcing environments via the internet cloud. Major customers include Ericsson, Royal Sun Alliance and Warner Music.
“Our customers use ServiceFrame to make sure that they can measure the quality of service of the outsourcing and shared service they are being provided,” ServiceFrame CEO Traoloch Collins explained.
“Our software enables these companies to implement robust governance of services on a dashboard and get better value out of the relationship.”
Established in 2009, Dublin-based ServiceFrame’s technology enables companies globally to effectively evaluate, manage and govern their strategic outsourcing environments.
Effective governance is critical to success in outsourcing and ServiceFrame’s software reduces the manual effort and time spent by employees and managers in collecting and assessing governance data by at least 50pc.
“In the current climate, good governance is essential and ServiceFrame provides easy-to-use tools for operational and management levels alike to keep up to date on their outsourcing arrangements, and ensure key milestones and commitments are being met,” Donal Duffy, head of Enterprise Ireland Relations, Bank of Ireland, explained.
The company will use the funds to drive further growth in the UK and US markets and plans significant recruitment of sales and technical staff over the next six months to support these growth plans.
“Enterprise Ireland is working closely with ServiceFrame and is delighted to have supported this highly innovative export-oriented company,” said Greg Treston, head of high-potential start-ups at Enterprise Ireland.
“They are successfully winning new business both in Ireland and in export markets by continually anticipating and satisfying customer needs, and Enterprise Ireland is working with them to further develop their international growth.”
Orla Rimmington, operations director, Kernel Capital, added: “ServiceFrame is an excellent example of a high-potential start-up that identified a gap in the market for an easy-to-use and cost-effective governance tool to enable companies, of all sizes, to manage the risks, costs and performance associated with the outsourcing function. We are delighted to invest in this dynamic company.”