Kneat Solutions, which was recently ranked as the State's third-fastest growing technology company, is to create 100 new jobs in Limerick.
The new roles, which are centered on sales and marketing, research and development, and customer success, will take total headcount to more than 300 people.
The company, which develops cloud-based software solutions for the life sciences industry that digitise validation processes, counts seven of the world’s top ten biopharmaceutical companies as customers.
Founded in Limerick in 2007 by Eddie Ryan, Kevin Fitzgerald and Brian Ahearne, Kneat last year shifted its listing to the main Toronto Stock Exchange (TSX). The company, whose operational headquarters remain in Limerick, officially became a Canadian company in 2015 after a reverse takeover that led to a listing on the TSX Venture Exchange.
The new jobs come as Taoiseach Micheal Martin on Friday officially opened Kneat's new 13,000 sq ft office in Limerick's National Technology Park.
“There is huge demand for our technology in the marketplace and we’re looking to respond to that by increasing headcount,” Mr Ryan, the company’s chief executive told The Irish Times.
“We have multiple opportunities for growth because our software helps pharmaceuticals comply with regulations and there is no solution that adequately addresses the issues companies felt outside of ours,” he added.
Kneat secured 22 million Canadian dollars in financing in May 2021 from a share offering. This came on top of a 14.5 million Canadian dollar investment through a similar offering a year earlier.
In December, Kneat announced a 217 per cent jump in annual recurring revenues (ARR) - a key metric for Software-as-a-Service (Saas) companies - in annual revenues to $12 million (€10 million) from $3.8 million.
“We’ve developed what I like to refer to as a ‘land and expand’ platform, which is a near zero code solution that can be configured for different regulated processes. We are often taken on initially to solve a single process within the validation space, but then are typically asked by clients to do this across multiple areas and sites,” said Mr Ryan.
Total revenues jumped 91 per cent in the third quarter to $3.7 million from $2 million, with ARR up 276 per cent to $2.6 million.
In December, Kneat was ranked in third place in the Deloitte Technology Fast 50 list behind Irish tech unicorns, LetsGetChecked and Flipdish.
