38 new jobs as firms invest €6.7m in R&D

16 Jun 2009

Two companies that are investing a total of €6.7m in R&D initiatives and technology will create 38 jobs with the support of IDA Ireland.

Sophis Group in Fitzwilliam Lane, Dublin 2, a developer of complex specialist financial software, is making a €1.7m R&D investment in the expansion of its Software R&D facility, Sophis Technology Ireland Ltd (STIL), which will add 13 high-calibre engineering positions to the 58 people already employed.

The R&D will involve the innovative development of a new highly complex financial software product.

Meanwhile ,Wetzel Holding AG in Clonee, Co Meath, a leader in print cylinder production and technology, has opened a €5m cutting-edge technology production operation, which will create 25 jobs over the next five years.

It is also undertaking a major R&D initiative with the aim of establishing it as a centre of excellence in roto gravure printing tool production, in particular computerised preparation techniques. Recruitment is already underway.

The Sophis Group’s new R&D activity will constitute the innovative development of a new highly complex software product, which will increase the R&D scale of the Irish operation (STIL) and will see the introduction of leading-edge technologies and functionalities. The new product offering, ‘Equity Finance’, will provide enhanced risk management, security and transparency of data processing of non-exotic financial instruments.

Sophis Group is a leading provider of cross-asset, front-to-back office and risk-management technology for capital markets and asset management. It is engaged in the development and distribution of specialist financial software systems for equity derivative traders and risk managers. Sophis designs flexible, open and scaleable solutions that support fully automated processing of transactions across all asset classes.

“Developing software is at the very heart of Sophis’ activity,” explained Arnaud Vinciguerra, head of R&D, Sophis Group.

“By using the latest technologies, our mission is to create the most open and efficient financial software on the market. In order to achieve these goals Sophis is investing significantly in R&D. The continued expansion of our Irish operation is part of that strategy and will significantly increase STIL’s role in our global business.”

The aim of the R&D study by Wetzel in Clonee is to demonstrate the ability of the facility to add significant production and process efficiencies across the whole Wetzel Group and to establish it as a centre of excellence in roto gravure printing tool production, in particular computerised preparation techniques.

The result would be development, growth and the winning of new business for Clonee. It would also help Wetzel develop a new, more efficient production process and firmly establish its reputation as an innovative player in the global industry.

“The goal of this project is to further develop our cutting-edge technology production process,” said Jason Brennan, managing director of Wetzel Ltd.

“The key areas the project will look at include the development of the process work flow, the integration of SAP, fully automated process control and quality surveillance combined with ‘Green’ production, which will include low energy use and environmental friendly methods.

“It is our aim to make the Irish operation the most successful and efficient of its kind on a global scale and Ireland meets all the necessary criteria to ensure this will happen. We will also be investigating the opportunity for collaboration with Irish third level institutions in a number of areas of our work,” Brennan said.

By John Kennedy