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IDA - Strong FDI so far in 2011

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DateThursday, July 21, 2011

IDA -  Strong FDI so far in 2011

IDA Targets Emerging Technology Companies to Bolster Ireland's Growing Reputation as Tech Hub of Europe



WOLTER_KLUWER_Todd_Cooper.pngAccompanied by the Minister for Jobs, Enterprise and Innovation, Richard Bruton TD and Chairman Liam O'Mahony, IDA CEO Barry O'Leary announced the first half year results for 2011 highlighting that the state organisation is on track to achieve its targets for the year.



Whilst only 47 of the 1000 existing IDA companies committed to making both new and research, development and innovation (RD&I) investments, a marginal increase on 2010 levels, particular importance was made about the number of first time (new name) investors to Ireland, increasing by 40% in the same period with 28 companies deciding to locate in Ireland.



Mr. O'Leary explained that the growth of new names was, in part, due to the IDA targetting second tier and emerging high growth companies. Examples include US social gaming company Zynga who move to larger premises in June (more), fellow US company Marketo, who provide cloud based business intelligence solutions on the platform (more), and Quest Software in Cork.



As well as the 'emerging company' sector, the IDA has and continues to target cloud computing and financial analytics. The IDA says it has, in the last year, secured nine cloud computing investments including Dell, EMC, HP and Microsoft and six financial analytics investments including Accenture and D&B.



One software company specialising in the financial services arena is Dutch multinational Wolters Kluwer (represented by VP and GM of Risk Compliance Solutions Todd Cooper pictured above), who bought the Irish software company Ci3. The company provides risk management solutions to global financial institutions and has recently expanded its research and development headcount by creating 13 new software development positions (.NET) in  its 55 strong operation in Dublin. Also highlighted was Belgian software company, BSB, which also provides software and services to the financial services industry. BSB intend to create 120 jobs (Java) in the coming months.



Commenting on the results, IDA Chairman, Liam O'Mahony, said: "In a marketplace where foreign direct investment into the EU was down 23% last year it is extremely encouraging that IDA is having a strong performance in 2011 and has managed to win an increasing number of investments from overseas companies."



In addition to those mentioned, hi tech companies in the IDA portfolio include SAP, Asset Control, Symantec, McAfee, Paypal, Google, Facebook, Ericsson, HP, Intel, Fidelity Investments, Murex, Aruba Networks, ZeniMax, Gilt Groupe, and PopCap Games




Mr.O'Leary concluded by saying: "We expect the strong flow of foreign direct investment to continue through 2011."






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