Having joined the company in 2005, Gabriel Moynagh is Sysnet's chief executive. He oversees all Sysnet divisions, which have grown to provide services in more than 40 countries. Initially acting in sales and account management roles, he was appointed general manager in December 2009 and became CEO in January 2012.
Sysnet builds and supports mutually beneficial relationships between SMEs and financial institutions through the provision of innovative technological solutions. It helps businesses of all sizes to protect their valuable company information from cyber security threats. It has clients globally and more than 800,000 merchants use its proprietary compliance management solution. In the UK and Ireland, Sysnet works with the top seven financial organisations including Barclays and Lloyds. US clients include WorldPay and US Bank.
Sysnet also provides consulting services to numerous large financial organisations and businesses including Walmart, Nationwide Building Society, and ABSA bank. Headquartered in Dublin, the firm also has offices in Atlanta, Salt Lake City, London, Cape Town, Kiev and Hyderabad. It employs more than 160 people, the majority based in Dublin.
How did you secure your first investment? In 2007, we were advised by Brian Caulfield at Trinity that developing our own software would greatly enhance our chances of securing investment. We began development and subsequently won a tender with a UK bank to deliver our new software to 35,000 small businesses. This deal helped us secure funding with a US private equity firm called GTX and also with Enterprise Ireland, who have provided fantastic support to the business over the years.
What moment/deal would you cite as the "game changer" or turning point for the company? Our first software deal with Bank of Scotland Merchant Services. Over the course of several months, our then business development director Colum Rafferty, our chief product officer Paul Prior, and I worked hard to design a winning proposition. This deal allowed our company to grow about 250 per cent in revenue and hire aggressively. It made us a software company and gave us a platform to grow into a global business.
Were there any interesting or unusual circumstances surrounding the inception of the company or its evolution? In 2009, my sister Lindsay was a musician in a traditional Irish music show that had received funding from a US investor after he attended the first performance while holidaying in Galway. He turned out to be the former CEO of a US and European payments company which, coincidentally, was Sysnet's second largest client. He subsequently funded Sysnet and I always found it a lucky crossing of paths.
Has your Irishness contributed to your success? Yes, a huge part of our business is the customer support that we provide to businesses in the US, the UK and all across Europe. For a while I was concerned that we would have to put a contact centre in each country but each time we sign a new client they are really happy with the friendly support they get from our Irish team and never ask for a local team.
If you were to invest in a sector, what would you consider the next "big thing"? I really like the Hailo mobile app. I think they have perfected the ordering of a taxi using every relevant smartphone capability at their disposal. It seamlessly makes life easier for both driver and passenger. I'm not sure what the next big thing will be but I would like to invest in mobile products that are trying to achieve the same end-to-end user experience for everyday trials.
