AccountsIQ Secures €3.5M FUNDING

Irish Cloud Accounting Start-Up  Raises  €3.5M Funding From Industry Veterans, DES and AIB

Irish Internet-based online accounting platform provider accountsIQ has completed a €3.5 million funding round, led by Data Electronics Investments  (DEI), gaining more support from existing investors Enterprise Equity, AIB Seed Capital Fund and industry veteran Gerry McKeown.

DEI  is the  investment arm of Data Electronic Services (DES), one of  Ireland's leading providers of IT Outsourcing and Managed Services solutions.  It operates  from a Tier IV facility in Kilcarbery Park and a recently opened 40,000 sq ft Data Centre inbDublin's Northwest Business Park.

AccountsIQ has developed an innovative online accountancy platform  similar to that being promoted by Salesforce.com through its FinancialForce.com subsidiary, that allows accountants, franchisors and businesses with multiple locations to access their accounts and business records via the Internet in real time with total security and minimal overhead costs.

The AccountsIQ platform was launched commercially in 2007 and already has more than 1,500 live users in Ireland, the UK, Australia, USA, India and Portugal.

AccountsIQ CEOTony Connolly (pictured) said, "As Software-as-a-Service and Cloud computing gain traction, this funding will allow us to continue developing our technology and building on our international expansion and recent success in Australia. We are particularly pleased to have an industry player with a well proven track record in delivering world-class hosted IT solutions via the Internet, as a new investor".

The funding will facilitate accountsIQ's continued international expansion and product development plans and hopefully see it  through to profitability. As part of its investment, DES will provide a Service Continuity Guarantee to underwrite the provision of the accountsIQ service.

Brian Kelly, Chairman of DES said, "This investment reflects our belief that accountsIQ has developed a truly innovative proposition that represents the future of online accounting and business solutions. As investors in managed services over the past ten years, we are very aware of the rapid trend towards using the Internet to deliver secure online solutions. This trend will mean increasing numbers of businesses will move their accounting and business services into the Cloud. accountsIQ is leading the way in this growing market."

Gerry McKeown, Chairman of accountsIQ noted: "It is a great testament to the accountsIQ proposition that it attracted this funding in the current climate. The accountsIQ product represents over 40 man-years of product development and is now well proven in the marketplace, particularly in businesses with multiple locations. It is now set to capitalise on the major move to online services that businesses are making internationally."

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