Online Accountancy Software Firm Receives GBP3m Funding

Thu, 24 Dec 2009

An online accountancy software company has secured a €3.5 million (£3 million) finance package from investors to help expand the business.

AccountsIQ, which provides web-based accounting products, said it will use the money to continue its overseas expansion and product development.

The funding has been provided by Data Electronics Investment, which is the investment arm of Data Electronics Group (DEG), and through existing investors such as Enterprise Equity and AIB Seed Capital.

Speaking to the Irish Times, AccountsIQ chief executive Tony Connolly said: "Funding for all sorts of projects has severely dried up in the last 12 months."

"The area does have a certain attraction to it – cloud computing and offering online applications – over traditional software offerings, but I couldn't say it was easy."

A spokesman for the company added: "DEG recognise the very rapid trend towards delivering secure solutions over the internet."

"This trend will mean increasing numbers of businesses moving their services into the cloud, facilitating the delivery of real time services such as accounting ."
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