Marc Murphy, founder and chief executive of Fenergo, has been chosen as The Irish Times Businessperson of the Month for December, an award run in association with Bank of Ireland.
Fenergo is a good example of an indigenous Irish business that has grown to the global stage, under the stewardship of Mr Murphy.
Its customers include 300 of the largest banks and insurers in the world, including ABN Amro, Aviva, Bank of China, Danske Bank, Credit Suisse, UBS, Santander and State Street.
“The majority of our income is all overseas,” Mr Murphy previously told The Irish Times. “It’s a truly global business out of Dublin. We’re a great example of how that can be done.”
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Founded in 2008, Fenergo was spun out of Irish tech veteran John Purdy’s Ergo Group in 2009. The company develops software for financial institutions to help them with issues such as regulatory compliance and managing client data.
Fenergo has been growing quickly in the past few years, a trend that it predicts will continue in the near future as it continues to record double-digit growth.
Its last set of accounts showed software licence growth was up 20 per cent for the year, while asset-management and asset-servicing revenue rose 19 per cent and banking revenue grew 16 per cent.
[ Fenergo posts pretax profit of €12.4m ]
While the company has been strongest in Europe to date, the US business and Asia Pacific have been growing as Fenergo continues to invest.
That growth in business is being fuelled by regulatory requirements, cost pressures and transformation and digital experience.
Looking ahead, Fenergo is tapping into the trends for artificial intelligence, robotic process automation and natural and large language processing, and integrating the technology into its products.
It is also turning its attention to commercial banks, following its success serving the top 250 financial institutions in the world, with smaller banks among its target markets for this year.
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