Salmon Software invests €500k in the cloud, makes senior hires

6 May 2011

Irish software company Salmon Software has made four hires at senior level and is likely to make more over the next 12 months as part of a €500,000 investment in the cloud.

The new hires are at Salmon Software’s new sister company TGold Software, which it set up to develop and market its new cloud computing treasury management product TGold globally.

The Dublin-headquartered company is targeting a market estimated to be worth in excess of €100m in Ireland and the UK.

A recent report by Microsoft compiled by Goodbody Economic Consultants estimated that cloud computing could create 8,600 jobs and generate sales into Ireland of €9.5bn per year by 2014.

Founded in 1985, Salmon specialises in foreign exchange and treasury management software for blue-chip international companies including Securitas, Fexco and Ryanair. TGold is its first cloud computing offering.

It was one of a number of indigenous Irish companies identified by Enterprise Ireland in a programme designed to take Irish software to the cloud.

“The global cloud computing market is expected to be worth an estimated €40-€110bn by 2014 and is the fastest-growing sector of the global software market,” commented John Magill, senior development adviser, Enterprise Ireland. “We believe that Salmon has vital first mover advantage in its sector and has the potential to build a significant Irish global cloud computing company.”

TGold is a treasury management system that has been developed on the cloud platform. It allows businesses to automate, manage and increase the accuracy of its foreign exchange transactions by making payments in local and foreign currencies, book money market and FX trades, access management reports on currency positions and balances, as well as providing an accurate audit trail of trades and payment instructions.

“In the past, such a system would have cost businesses a six-figure investment in hardware, software and implementation. This is now available on a cloud-based subscription model with no other costs, which means companies of all sizes can now better manage their forex transactions,” said John Byrne, CEO, Salmon Software.