The huge volume of new regulations introduced in the past few years is hurting many Irish businesses. But it is also opening up opportunities for software companies developing tools that can help firms comply with the laws.
Dublin-based iQuate is one of a growing number of software start-ups that are seeking to cash in on companies that need to manage their IT systems more effectively and ensure they can receive accurate financial data.
The firm has already signed deals with the US Navy, Kellogg's, AIB and the University of Oregon to supply them with its IT Asset Management tool.
This software enables organisations to perform audits of all their hardware and software to make sure they are complying with licence and regulatory requirements.
For example, iQuate's core product Netscan can remove all MP3 files on a network at the click of a button - a function that can prevent lawsuits from music firms for copyright infringement.
But it can also identify if firms have signed up for software licences that they are not using.
"We have more than 60 customers in countries such as Australia, Canada, the US, South Africa and Ireland," says Mr Anthony Quigley, iQuate chief executive, who worked previously with Irish firm eWare.
Founded in 2002 by Mr Jason Keogh, a former IT manager with more than 10 years of experience in the international banking software sector, iQuate recently raised €700,000 to fund growth.
The State agency Enterprise Ireland and the Irish-based venture capital company Executive Venture Partners (EVP) backed iQuate in its first funding round.
"We started looking for funding in 2003 but it was much easier to get funding this year as venture capitalists began to look again at seed funding," says Mr Quigley. The cash will be used to continue the development of its products and bolster its sales and marketing activities.
One of the features that interested EVP was iQuate's sales model, whereby firms buy its software directly online.
"In two years we hope to be turning over about €5 million and have 20 people," says Mr Quigley. "But our focus is to work with partners. We will not conquer the US by putting people on the ground. We will partner with software reselling companies and consulting businesses."
All case studies covered in this monthly column are available on www.ireland.com/technology
