Eontec was set up in 1994 by a number of banking and IT specialists to provide software solutions to major financial institutions.

It has its headquarters in the East Point Business Park, Dublin, offices in the UK, the US, mainland Europe and Asia, and includes a number of blue-chip financial institutions among its customers base.

These include: Bank of Ireland; EBS; Commonwealth Bank in Australia; Canadian Imperial Bank of Commerce, Canada; and DBS Bank, the largest bank in Singapore.

Eontec founders include director and former chief executive, Mr James Callan, and Mr Colin Piper, currently head of Eontec's operations in North America. Both men were significant shareholders in the company.

The company's accounts for the year to end 2002 show it had a turnover of 15.4 million that year. The notes state the company engaged in the development, sale and maintenance of software systems, aimed principally at the banking sector, together with the provision of related professional services.

Of total turnover, 8.9 million came from services. Of the 192 employees then employed, 139 were software engineers. The company now employs 150 people.

Following the sale to Siebel Systems Eontec chief executive Mr Patrick Brazel, is to head up Siebel Systems' retail finance division.