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€1/2m Invested in TGold


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CategoryProduct
DateFriday, May 06, 2011
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€1/2m Invested in TGold

Irish Treasury Management Software Company, Salmon Software, Launches Cloud Product on Salesforce.com Platform

 

 

SALMON_John_Byrne.pngIrish Treasury Management software company, Salmon Software, has launched  its first cloud computing treasury management product, TGold,on the Salesforce.com platform.

 

 

TGold, which Salmon has, it says, invested €1/2million in development, is a treasury management system that allows businesses to automate, manage and increase the accuracy of its foreign exchange transactions by making payments in local and foreign currencies. It also allows organisations to book money market and FX trades, access management reports on currency positions and balances as well as providing an accurate audit trail of trades and payment instructions.

 

 

John Byrne CEO, Salmon Software, added: "In the past such a system would have cost businesses a six figure investment in hardware, software and implementation. This is now available on a cloud based subscription model with no other costs which means companies of all sizes can now better manage their forex transactions."

 

 

To develop and market the offering globally, Salmon has established a new sister company, TGold Software which will initially target the Irish and UK market estimated to be worth in excess of €100m over the next 3 - 5 years. The firm's Adrian Costello said: "Spreadsheet based processes have become widely adopted as an in-house operational alternative to proven market available Treasury Management Solutions (TMS). But spreadsheet based processes are not viable as a long term Treasury management tool and in some situations represent a substantial business risk."

 

 

Founded in 1985, Salmon specialises in foreign exchange and treasury management software for blue chip international companies including Securitas, Fexco and Ryanair. The company was one of around ten indigenous Irish companies identified by Enterprise Ireland in a programme designed to take Irish software to the cloud.

 

 

John Magill, Senior Development Advisor, Enterprise Ireland, said: "The global cloud computing market is expected to be worth an estimated €40-110 billion by 2014 and is the fastest growing sector of the global software market. We believe that Salmon has vital first mover advantage in its sector and has the potential to build a significant Irish global cloud computing company."

 

 

A recent report by Microsoft compiled by Goodbody Economic Consultants estimated that cloud computing could create 8,600 jobs and generate sales into Ireland of €9.5bn per year by 2014. The report says that early adoption of cloud computing by Irish users can take €0.5bn per annum of costs out of Irish organisations.

 

 

TGold are inviting Irish companies to trial their software free for 30 days.

 

 

 

 

Pre-register for your Community Ticket to the 3rd Irish Software Show 2011 - Click Here

 

 

Corporate Information

 

Visit TGold Software

 


 

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