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Serviceframe Collects €950k Funding

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DateThursday, April 07, 2011

Serviceframe Collects €950k Funding

Bank of Ireland, Enterprise Ireland and Management Team Pool Investment to SaaS Startup



SERVICEFRAME_Donal_Duffy_Bank_of_Ireland_Greg_Treston_Enterprise Ireland_Orla_Rimmington_Kernel_Capital_Traoloch_Collins_Serviceframe.jpgServiceFrame, the NovaUCD based technology company specialising in Outsourcing Relationship Management software , has received almost €1m euro investment from the The Bank of Ireland Seed and Early Stage Equity Fund, Enterprise Ireland and members of its executive team



ServiceFrame, which won the Emerging Software Company of the Year at the 2010 Irish Software Association Awards,  provides software-as-a-service which enables companies to evaluate, manage and govern their strategic outsourcing environment through the use of dashboards, reports and workflow to ensure that users have accurate and up-to-date information, claiming their software reduces the manual effort and time spent by employees and managers in collecting and assessing governance data by at least 50%.



The ServiceFrame governance tool is currently being used by clients in the UK, US and Asia such as Ericsson, Royal Sun Alliance and Warner Music and according to CEO Traoloch Collins, who co-founded Serviceframe with Daniel Berman, the company will use the funds to recruit sales and technical staff over the next six months so it can drive growth in the UK and US markets. He said: "This investment in ServiceFrame is a very significant milestone, we intend to recruit highly skilled software engineers and sales professionals to enable us to further strengthen our core offering and build market share in key international markets."



Effective governance is critical to success in outsourcing and the contraction in the global economy has resulted in a dramatic impact on corporate attitudes to cost and risk management associated with outsourcing and managed services deals. Orla Rimmington, Operations Director, Kernel Capital, which manages the Bank of Ireland Seed and Early Stage Equity Fund, said, "ServiceFrame is an excellent example of a high-potential start-up that identified a gap in the market for an easy to use and cost effective governance tool to enable companies, of all sizes, to manage the risks, costs and performance associated with the outsourcing function. We are delighted to invest in this dynamic company."



Bank of Ireland Seed and Early Stage Equity Fund is a €32m Fund that invests in start-up and early stage companies, with a focus on export orientated high potential start-up companies that operate in the technology (including green technology), food and financial services sectors, in addition to supporting patent and patent pending projects within Irish universities. This fund comprises of an investment by Bank of Ireland, Enterprise Ireland, University of Limerick Foundation and NUI Galway.



Commenting on the €450k that it contributed towards the overal investment, Donal Duffy, Head of Enterprise Ireland Relations, Bank of Ireland said: "We are delighted to see Kernel Capital provide investment in a company like ServiceFrame who are at the forefront of providing services across the Internet to major customers in Commerce and Government. In the current climate good governance is essential and ServiceFrame provides easy to use tools for operational and management levels alike to keep up to date on their outsourcing arrangements, and ensure key milestones and commitments are being met."



Welcoming the announcement Greg Treston, Head of High Potential Start Ups at Enterprise Ireland, said: "Enterprise Ireland is working closely with ServiceFrame and is delighted to have supported this highly innovative export-oriented company. They are successfully winning new business both in Ireland and in export markets by continually anticipating and satisfying customer needs, and Enterprise Ireland is working with them to further develop their international growth."



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