Dublin-based company, International Finance Systems (IFS), has signed a £1 million contract with Dresdener Kleinwort Benson Bank and Union Bank of Switzerland.

IFS will implement its "Margin Man" software programme on a global basis with the banks. The company says its software enables financial institutions to collateralise millions of pounds worth of business on a 24-hour real-time basis.

IFS was formed in 1992 by Ken and Vincent Coldrick, two brothers from Navan, Co Meath. The company said it was planning to double its current workforce of 14 at its Dundrum headquarters immediately. It will also open sales and support offices in New York, Geneva and Singapore next year.