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Eontec banks USD25m in new funds 
Tuesday, November 13 2001
by Stan Van Haasteren


Irish company Eontec has secured USD25 million in equity investment as the
company looks to recruit 50 new employees. 





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