Irish software firm, Performix Technologies, has raised €12 million (£9.45 million) in venture- capital funding and plans to hire up to 90 extra staff in the US and the Republic.
The funding round was led by US venture-capital firm Highland Capital and includes investment from existing shareholders ICC Software Partners. Performix would not disclose the equity stake taken by Highland, but it is believed to be a large minority stake which will give the US venture capital firm a major say in decision making.
Senior executive from Highland, Mr Paul Maeder, managing general partner, and Mr Bob Davis, former chief executive of Lycos, will join the board of the Dublin-based firm.
Performix, which develops software that measures the performance of employees working in customer-service positions, will use the cash to expand in the US. It will also begin to sell its software product in mainland Europe, its chief executive, Mr Cathal McGloin said yesterday.
"We had zero revenues in the US in 2000 but last year was a milestone for us. We signed deals with AT&T Broadband and Verizon. Our revenues are now split 50/50 between the US and the UK and Ireland but we've big plans to go into mainland Europe," he said.
Performix software is already used in Germany and France by AOL and the company will try to build on this relationship in these markets to make sales, said Mr McGloin. "We are very successful in the financial-services sector and the telecoms sector. They both have big customer-service centres and are under pressure to reduce costs and improve employee performance."
Performix will hire at least 20-30 extra software developers to build new modules for Performix's core product, Emvolve Performance Manager. "We will create more functionality and bring a new suite of modules which customers can choose from," said Mr McGloin.
Performix was set up in 1998 by brothers Cathal and Ray McGloin from Donegal. It has raised $28.8 million (€33.42 million) in funding. Performix had turnover of £263,625 sterling (€433,736.4) in the year to December 31st, 2000. It reported a loss of £310,190.
Performix targets Fortune 5000 companies in telecoms, financial services, travel and tourism.
