Cork’s Nomos Software secures €500k investment

23 Feb 2012

Chris Horn, co-founder of IONA Technologies, who has become non-executive director at Nomos Software

Nomos Software has secured a €500k investment to help the start-up increase its focus on global financial sector companies. Chris Horn, co-founder of IONA Technologies, has also become non-executive director at Nomos, which is planning to create 10 new jobs by 2013.

The company has confirmed it will use the investment to increase its penetration of international financial sector companies.

CEO Tricia Balfe confirmed Nomos is planning a “significant recruitment” of sales and technical staff over the next six months to support its growth plans.  

Today’s announcement comprises a €500k co-investment, with €250k provided by Enterprise Ireland, and the remaining half provided by Kernel Capital through the Bank of Ireland Seed and Early Stage Equity Fund.

Nomos delivers software solutions to the financial sector. It says its aim is to tackle the costly problem of building and testing financial software.

Starting up in Cork

Balfe and David Garry (now CTO) co-founded the company in 2007. Both co-founders had held senior positions at the Motorola site in Cork. In the early stages, Nomos participated in the Enterprise Ireland-funded Genesis programme.

According to its co-founders, the company’s products enable software automation to help financial services firms achieve greater productivity, cost savings and a vast reduction in the testing burden requirements.  

Current Nomos customers include major European and international players in the financial sector, such as the Finnish company XMLdation. This company delivers test services to corporate treasuries on behalf of a number of European banks. Its aim is to drive down corporate IT costs, as such banks migrate to SEPA, the new European-wide payments system.  

Sensing a global market opportunity

Michael Moriarty, manager of Financial & Enterprise Software High-Potential Start-ups at Enterprise Ireland, said Nomos was a “fine” example of an entrepreneurial start-up focused on “exploiting” a growing market opportunity in financial standards compliance.

Horn, who will now become non-executive director of Nomos, spoke about how the start-up had established strong international partnerships.

“It is demonstrating thought leadership in the world of enterprise software. I am looking forward to working with the team as it builds its core business globally.”

Horn was the co-founder of indigenous Irish software company IONA Technologies, which had the fifth-largest IPO in Nasdaq history.

Carmel Doyle was a long-time reporter with Silicon Republic