Dublin, 1 April 2022: Leading Irish private equity firm, Melior Equity Partners, has agreed an investment in Salmon Software, a fast-growing financial software business that provides customers with a world-class treasury management software system. Founded by CEO John Byrne, Dublin-headquartered Salmon Software employs a total of 30 staff across its operations in Ireland and the Czech Republic.
Since its foundation, the company’s treasury management software system has evolved into one of the world’s most sophisticated treasury management products, reflecting the global financial industry’s technological innovation and increasingly complex nature. The company’s software system enables customers to automate treasury management processes, providing information on debt, derivatives, foreign exchange, banking, cash management and payments which deliver efficiencies that save costs, ensure full regulatory compliance and provide real-time business insights. Salmon Software’s treasury management system supports a range of blue-chip customers including global businesses such as CRH, Avolon, Dechra Pharmaceuticals, DP World and Ryanair.
Salmon Software’s decision to partner with Melior was driven by the firm’s strategic experience in growing similar Irish technology businesses, its unique global network, and notable investor base. The investment from Melior will support the future growth of Salmon Software, facilitating further product innovation and the delivery of an even more comprehensive service for new and existing customers.
Salmon Software’s existing management team, including John Byrne, will remain in their current leadership roles and continue as significant shareholders in the business. Fiona Timmons, an experienced software industry finance executive, has joined the company as Chief Financial Officer (CFO) and will work closely with John Byrne and the existing senior management team.
Commenting on the announcement, John Byrne, CEO and Founder of Salmon Software, said, “The investment by Melior is an exciting development for both our customers and employees. We have developed a world-class treasury management software system with deep product functionality that receives the ongoing support of a loyal blue-chip customer base. The Melior investment will allow us to grow and invest further in our team, extend our support and sales infrastructure, and deliver product enhancements including a superior cloud-hosted offering. This investment will provide exciting career development opportunities for our existing employees, see new talent join the company and will significantly benefit current and future customers.”
Jonathan Cosgrave, Co-Founder of Melior Equity Partners, said, “We are excited to partner with John and his team, who have successfully grown Salmon Software into a world-class provider of treasury management software systems through continued product innovation, customer engagement and market-leading organic growth. The global treasury management software system market is valued at €1 billion and is forecast to grow strongly over the coming years. As a leading independent provider with strong reference customers, Salmon Software is ideally placed to meet this demand.”
Melior Equity Partners was founded in 2019 by Jonathan Cosgrave and Peter Garvey. Melior Equity Partners Fund II is backed by a pool of local and international blue-chip investors and invests capital in, and provides support to, businesses across Ireland to achieve their growth ambitions. Salmon Software is the second investment from Melior Equity Partners Fund II following the completion of an investment during 2021 in BHP Insurance, a leading independent Irish insurance brokerage focusing on the not-for-profit sector. Prior to establishing Melior Equity Partners, Cosgrave and Garvey led an Ireland-focused private equity fund for The Carlyle Group investing in companies such as AA Ireland, Carroll Cuisine, GSLS, Learning Pool, Lily O’Brien’s, McCauley Pharmacy, Payzone, Sports Surgery Clinic and The City Bin Co.
About Salmon Software
Since its foundation, Salmon Software has focused on delivering a world-class treasury management software system with functionalities that fulfil the requirements of the treasury front, middle and back offices, including integration with third-party systems ranging from dealing platforms and market data providers to ERPs and risk systems. The solution is based upon Microsoft Azure hosting that allows every client to operate on a separate environment. The business has achieved great success and coverage with its flagship treasury management software system ‘Salmon Treasurer’. The system has evolved to reflect the technological innovation and increasingly complex global financial systems that have paralleled the company’s history making it one of the most sophisticated treasury software platforms in the world. This achievement is due to the dedication of a highly skilled, multi-disciplined support and development team who focus on producing a world-class product. These capabilities combined with meaningful ongoing client engagement enable Salmon Software to pursue a policy of continuous, customer-focused product enhancement and development.
About Melior Equity Partners
Melior Equity Partners (“Melior”) is a leading Irish private equity investment firm headquartered in Dublin with a strong track record of supporting Irish management teams and investing in small to medium sized private businesses in Ireland.
Melior was founded in 2019 by Jonathan Cosgrave and Peter Garvey who previously co-headed the management of a €292 million Ireland dedicated private equity fund for The Carlyle Group. The Melior team members invested this fund for The Carlyle Group from 2014 to 2019 and are one of the most experienced private equity investment teams in the Irish market.
Melior combines best-in-class international standards and far-reaching networks developed at leading global investment firms, with a deep knowledge of the local marketplace to bring a unique approach to investing and partnering with management teams in Ireland.
The Melior team is currently deploying capital out of Melior Equity Partners II, a fund which is backed by a pool of local and international blue-chip investors including The Carlyle Group, the European Investment Fund, Ireland Strategic Investment Fund, Bank of Ireland and AIB. The breadth and nature of its investors provide Melior with significant capacity to fund transactions of any scale in the Irish market.
Melior was advised by KPMG and William Fry while Salmon Software and its shareholders were advised by Mazars Corporate Finance and Hayes Solicitors.