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The round of funding was led by Warburg Pincus and also included existing Eontec shareholders such as ICC Venture Capital. ICC was the main contributor to last year's round of funding in Eontec which brought in USD10.4 million.
The company currently employs 300 people and with the new investment the firm said that it would hire around 50 new staff. Currently around 180 of the company's employees are located in Dublin with the remainder in its US, Indian and European offices. Eontec is hoping to hire additional workers for its research & development, sales and marketing and professional services units.
In addition to the new staff, Eontec said the funding would be spent on client support infrastructure as well as the promotion of its technologies as it tries to capture a greater share of what it believes to be a lucrative and emerging sector.
BankFrame is Eontec's main product. It is a set of reusable EJB (enterprise JavaBean) component-based banking processes and solution sets that can be used across various channels, including wireless, the Internet, call centres and traditional branches. Essentially it gives the banks that use the technology a consolidated view of any customer across all channels, and facilitates the faster development and deployment of new products and channels.
Fundamentally, EJB systems let developers focus on the actual business architecture of a model, rather than concern themselves with large amounts of programming and coding needed to connect all the working parts of a software system. This is left to the EJB vendors like Eontec. The EJB technology itself has become increasingly popular in recent years among banks and other business because it cuts costs for the users but also makes upgrading and adding new systems remarkably easy for banks and other companies.
"With this funding Eontec is well positioned to become one of the leading providers of e-banking solutions," said a spokesperson for the company. He went on to say that the company was looking forward to growth in the upcoming quarters as the industry expands and demand for Eontec's technology increases.
The spokesperson cited a report earlier in the year by US-based Datamonitor entitled "E-banking technology in Europe 2001" which predicted that technology expenditure in the e-banking sector would double in the next four years. That report also said that the number of users of Internet banking services is expected to reach 75 million by 2005.
For more information: http://www.eontec.com and http://www.javabanking.com
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