 03 January 2009 Datactics attracts £1 million investment to fund revenue growth  Monday, 30 November, 2008Datactics, a specialist in data quality management solutions, has announced that it has completed a major investment round which will help spearhead the company’s expansion and deeper penetration into key sectors globally. The £1 million funding comes from the Viridian Growth Fund, managed by Belfast-based Clarendon Fund Managers, and Thule Investments; both investors see a strong market ahead for Datactics given the increasing attention being paid globally to the quality and accuracy of data as a key management tool. Chairman of Datactics, John Mulcahy, says the investment will support Datactics in building on its success in supplying next generation data quality solutions in sectors where this is increasingly becoming a key concern: ‘‘We are delighted to have secured this level of funding which will be used to add momentum to the very solid foundation we have created primarily by expanding the company’s marketing and sales resource, and strengthening new and existing partner relationships. We will also benefit from the strategic advice that Clarendon Fund Managers and Thule Investments will bring to the table.’’ Mulcahy continues that Datactics will be looking for revenue growth in key sectors such as manufacturing (where its Datactics DQ Platform data cleansing suite can be used to profile, standardise, enrich, match and merge product as well as customer data); the public sector in both the UK and the United States (through Single View of Client (SVC) and an encrypted federated search model) and in financial services. ‘‘The recent merger of some of the world's largest banks means there need to be reliable tools in place to reconcile disparate databases, eliminate duplication and ensure data is handled in a secure way,’’ he says, adding that ‘‘this is also a good opportunity for major financial institutions to analyse their data in a more meaningful way and hence de-risk their business.’’ Datactics recently completed a project with Bank of Ireland to merge databases and provide the bank with a single view of its customers, enabling the bank to identify customers with multiple accounts and review the reasons behind this in order to establish a realistic risk profile. Neil Simms, Finance Director of Clarendon Fund Managers explains why they have continued to invest in the company: ‘‘The Datactics solution is a proven product which goes far beyond traditional name/address verification capabilities and can be used by customers to deliver significant cost savings such as optimising inventory or consolidating purchasing power . It is user-friendly and low cost to implement in comparison to the scalability, and exceptionally high levels of accuracy and speed provided. Datactics this year improved its position on the Gartner Magic Quadrant for Data Quality Tools, which we see as an endorsement of the company’s capabilities to address the most complex of data quality challenges.’’ Thule Investment’s principal, Sigurður Sævarsson, echoes this confidence in the superior capabilities of the Datactics solution, saying ‘‘This is clearly a product that has already pushed the boundaries of people's expectations by spanning many different types of data and handling different character sets. It is truly a multinational solution which is already reaping huge benefits for Datactics customers throughout the world, including very recent customer wins in Hong Kong and Russia. We look forward to being part of this next dynamic stage of growth.’’ Founded in 1999, Datactics has developed rapidly to become a leading provider of data cleansing and reporting solutions, working with customers such as Terex which, with sales of over $9 billion, is the worlds third largest manufacturer of construction equipmentthe world's third largest manufacturing group by turnover), Bank of Ireland, Philips, KPMG and a number of local authorities throughout the UK and globally. Earlier this year, Datactics appointed Jon Brooks as CEO to help drive further success and sharpen strategic direction. Chairman John Mulcahy concludes: ‘‘This is a very exciting time for Datactics as the world faces increasingly complex and large-scale data security challenges. We have every confidence in the solution we can offer, which has been developed with these very challenges in mind. This latest funding will help us achieve our ambitious goals and support private and public sector organisations not only in managing their data, but in using it a business tool to create revenue growth and reduce both cost and risk.'' Send To A Friend » | ||
 |  | |
 | ||
