Irish software company, Salmon Software has announced a â¬500,000 investment in its new cloud computing treasury management product and has established a new sister company, TGold Software to develop and market it globally. The Dublin headquartered company is targeting a market estimated to be worth in excess of â¬100m in Ireland and the UK.
Founded in 1985, Salmon specialises in foreign exchange and treasury management software for blue chip international companies including Securitas, Fexco and Ryanair. TGold is its first cloud computing offering.
Salmon was one of a number of indigenous Irish companies identified by Enterprise Ireland in a programme designed to take Irish software to the cloud. âThe global cloud computing market is expected to be worth an estimated â¬40-110 billion by 2014 and is the fastest growing sector of the global software market,â commented John Magill, Senior Development Advisor, Enterprise Ireland. âWe believe that Salmon has vital first mover advantage in its sector and has the potential to build a significant Irish global cloud computing company.â
TGold is a treasury management system that has been developed on the industry leading salesforce.com cloud platform. It allows businesses to automate, manage and increase the accuracy of its foreign exchange transactions by making payments in local and foreign currencies, book money market and FX trades, access management reports on currency positions and balances as well as providing an accurate audit trail of trades and payment instructions.
âIn the past such a system would have cost businesses a six figure investment in hardware, software and implementation. This is now available on a cloud based subscription model with no other costs which means companies of all sizes can now better manage their forex transactions,â commented John Byrne CEO, Salmon Software.
TGold is offering a 30 day free trial to Irish companies who want to manage their Treasury activity more effectively.
Spreadsheet based processes have become widely adopted as an in-house operational alternative to proven market available Treasury Management Solutions (TMS). âBut spreadsheet based processes are not viable as a long term Treasury management tool and in some situations represent a substantial business risk,â commented Adrian Costello, TGold Software.
A recent report* by Microsoft compiled by Goodbody Economic Consultants estimated that cloud computing could create 8,600 jobs and generate sales into Ireland of â¬9.5bn per year by 2014. The report says that early adoption of cloud computing by Irish users can take â¬0.5bn per annum of costs out of Irish organisations.