iQuate secures 700,000 investment

iQuate, Ireland’s only indigenous software company focused specifically on the fast expanding global market known as Compliance, Risk and Governance (CRG), has announced that it has secured €700,000 in investment from Executive Venture Partners (EVP) and Enterprise Ireland. This money will be used by iQuate to bolster its sales and marketing efforts and to expand and enhance its product portfolio.

iQuate, which was founded two years ago, develops software that makes it easier for companies to manage their computer networks. Customers include US Navy, University of Oregon, Kellogg’s and AIB. In compliance with specific legislation and standards that are rapidly emerging, iQuate’s IT Asset Management solutions assist organisations in managing their IT inventory and network infrastructure. iQuate’s solutions facilitate the reduction of the risks associated with running a business.

Organisations today are legally required to ensure that the software on their networks is properly licensed. Legislation, that has been introduced over the last two years, including Sarbanes Oxley (SOX) Act in the USA and the Companies Act in Ireland, is rapidly impacting on organisations and dictating how businesses operate. Stakeholders and customers demand greater visibility and accountability, and employers must ensure that employees are not breaking the law or damaging the infrastructure through their software usage.

“Company executives at all levels are coming under increased pressure to ensure IT compliance,” said Anthony Quigley, CEO, iQuate. “We are seeing organisations developing and implementing strict CRG policies. Our clients tell us that our products are helping them improve operational efficiencies and maintain competitive advantage,” he continued.

“EVP is impressed by the market niche that iQuate has targeted and by the fact that purchasing decisions are being driven by legislation. iQuate has already built up a high quality management team, impressive customer base and easy to use product suite. We look forward to helping iQuate grow its very exciting business over the coming years,” said John Shiel, partner, EVP.

“There is now a very real threat that company officers could face criminal charges if they don’t uphold the highest standards in managing their IT infrastructure. This funding will further enable iQuate to bring a much needed solution to some very large regional and global organisations who need it. As an investment company, we are constantly looking for innovative start-up technology companies where our experience as entrepreneurs and financiers can give companies the lift they need and iQuate fits perfectly with our criteria,” he added.

Commenting, Minister for Enterprise, Trade and Employment, Mr. Micheal Martin T.D. said, “I would like to congratulate EVP and iQuate on their announcement. I am most impressed that an Irish software company has created a product that will allow large organisations around the world to be compliant with IT legislation and standards which governments around the world are starting to introduce. In a true spirit of entrepreneurship iQuate has made compliance with corporate legislation easier and more accurate.”

About iQuate
iQuate is the leader in IT asset management and corporate governance applications and services. It develops software tools for use in the areas of hardware and software inventory, software deployment, helpdesk and network monitoring. Its products provide IT managers with solutions that address and solve issues associated with corporate IT lifecycle.

iQuate’s customers span all areas of industry, from legal and financial institutions to government organisations, technology companies and SMB’s who recognise the importance of implementing software asset management or have a Sarbanes Oxley requirement. Customers include the US Navy, University of Oregon, Kellogg’s and AIB to name a few. For more information visit www.iquate.com

About EVP
EVP provides services to help grow good technology ideas. Services include expertise in finance, investor relations, sales, marketing, channel advice, Enterprise Ireland relations and risk reduction and are designed to ensure that start-ups can successfully manage any number of potential operational issues, human resources and trading issues.

EVP converts business plans into profitable trading companies. EVP provides direct funding and has a range of partners that jointly invest for larger projects and subsequent rounds. EVP provide knowledge and experience of all major world markets including the US, Canada, UK and Asia Pacific. For more information visit www.evp.ie