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Quintillion gets equity injection from Enterprise Ireland Back
Joan Kehoe chief executive of Quintillion, the Dublin-based independent third party fund administration company, has said that her company has secured a funding deal with Enterprise Ireland who have invested €€650,000 in preference shares. Kehoe said the fact that Quintillion is majority owned by its founders and employees, in addition to its innovative approach to technology, made it a prime target for investment from EI. ‘Ireland needs to continue to attract high-end service industries and be seen as the centre of excellence, and the fact that we’re an Irish company and majority Irish-owned, were no doubt key factors in EI’s decision to approach us to invest.’

According to Kehoe the company’s efforts to create good brand recognition and a strong service offering since its establishment in 2006 have been rewarded.

Despite the current climate, Kehoe is confident, ‘managers are focusing a lot more on operational risk and ways in which it can be reduced, so we are seeing an increased appetite for the services we offer,’ she said. ‘Independent validation of records and processes has never been more important, particularly post-Madoff and the like, so we see it as a good opportunity to benefit from the market demands.’

Joe Breslin, of Enterprise Ireland said ‘As part of our strategy in targeting internationally traded services we have invested in Quintillion as it is a high potential indigenous company that is growing and will continue to grow.’

State funding of the Irish international financial services industry is also being considered by a number of IFSC firms who are considering establishing R&D operations, according to IDA Ireland. This was facilitated by tax rule changes at the end of last year.
There is a also a healthy pipeline of smaller firms who are looking to set up in Ireland, according to the IDA.
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