Software Firms given major Venture Capital platform
ISA and IVCA to host unique Software Investment Forum
Innovative Irish software SMEs and start-ups are being encouraged to participate in The Software Investment Forum, a landmark event, on April 15th, which offers promising software companies an opportunity to showcase their businesses to some of Ireland’s leading venture capitalists.
Organised by the Irish Software Association (ISA), Growth and Scale working group and the Irish Venture Capital Association (IVCA), the event seeks to identify and guide indigenous businesses that have the potential to thrive in the New Software Economy. Members of the IVCA have some €700m to invest over the next few years, and have already invested €1.5 billion in Ireland during the last ten years.
Speaking at the launch of The Software Investment Forum, Howard Beggs, Chairman of the ISA working group said, “This unique event is aimed at bringing Ireland’s promising software companies in front of the Irish venture capital community in a structured way. With credit markets and finance for growth challenging to secure, this is a strategically important event for the Irish software industry.”
The Irish Software industry currently employs more than 10,000 people in over 500 companies, with a combined sales of €1.4billion, of which more than 70% is exported, largely to the UK and USA. Between 2008 and 2009 the ICT sector was one of few to grow employment numbers, seeing an increase of 3.4%.
John Tracey, Chairman of the IVCA added, “Despite the challenges facing our economy, our members recognise the great potential in this sector. Investing in software and other technology focused companies encourages the employment of graduates and encourages greater exports and growth thus leading to improved returns for all.”
“The software industry has, and will continue to make a significant contribution to our economy and people’s lives if given the correct supports it needs. We need to strengthen and sustain our software industry if it is to reach it’s full potential. Investment in knowledge-based jobs is more important now than ever before”, concluded Paul Sweetman, Director of the Irish Software Association.
The Software Investment Forum is open to all SME and start-up software and technology companies. Those wishing to participate should register their interest at www.software.ie where further details on the event and requirements can also be found.