Similarity Systems Raises Euro 2m
Dateline: 2 December 2002
Similarity Systems, the Dublin based data quality management software vendor, has announced it has secured an additional €2 million in financing from a syndicate including existing investor Delta Partners and new investors AIB Equity Ion Equity and HotOrigin. Similarity Systems also announced a number of major customer wins in the U.K and Ireland including Eircom plc and East Midlands Electricity.Similarity Systems was founded in 2000 by Garry Moroney, CEO and Brian Caulfield, non-executive director. Against the market trend the company has increased employment significantly this year and now employs over 20 people. This latest round of funding will be used to expand its existing customer base and develop new markets.
Laurence Endersen of AIB Equity commented, "The demand for data quality management software is growing rapidly and is estimated to exceed €1 billion by 2005. Top tier organisations have recognised that low data quality in their information systems is seriously affecting business performance. According to Gartner, by 2005 Fortune 1000 companies will lose more money in operational inefficiencies due to data quality issues than they will spend on data ware-housing or CRM initiatives. We believe Similarity Systems is well-placed to become market-leader in this space due to its proven product superiority over existing competition."
Garry Moroney, CEO Similarity Systems added, "Our product suite, Athanor ™ drives continuous data quality improvement across the enterprise. Athanor ™ is a breakthrough product which has delivered immediate return on investment to our existing customers".
The company's flagship product , Athanor ™ is data quality management platform incorporating data quality analysis, reporting and automated data enhancement capabilities. Similarity Systems product suite is aimed at large organisations including financial institutions, telecommunications, utilities and government.
Athanor ™ is used to enhance the value of the data used in CRM (Customer Relationship Management), BI (Business Intelligence), ERP (Enterprise Resource Planning) systems as well as protecting data integrity in data migration and consolidation projects. It can be applied effectively to a wide range of data types including customer, asset or transaction data.
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Delta Partners Limited is regulated by the Central Bank of Ireland