International software company Eontec secures one of the largest funding rounds in Europe this year to enable it to continue its aggressive growth strategy
Dublin, 13 November 2001 - Eontec, the global provider of Enterprise JavaBeans™ (EJB™) based multi-channel banking software solutions, announced today that it has secured a US$25 million equity investment. The financing was led by Warburg Pincus, one of the leading global IT venture capitalist firms, and also included ICC Venture Capital amongst other existing Eontec shareholders.
This is the second round of funding undertaken by the company since it was established in 1994. Eontec will use the capital to enhance and develop its client support infrastructure and professional services team, accelerating the adoption and delivery of Eontec’s EJB-based technology, BankFrame™ to the company’s customer global base. The investment will also allow for a series of sales and marketing led programmes to support customer focused initiatives.
Bill Janeway, vice chairman, Warburg Pincus, said: “We are very excited to be partnering with Eontec, a recognised global leader in the development and delivery of integrated multi-channel banking solutions. Our focus has always been to identify innovative technologies and build sustainable companies - Eontec meets this criteria on both accounts. Our equity commitment will help the company realise its tremendous commercial potential.”
Datamonitor, a leading international analyst house, recently identified Eontec as one of the vendors best positioned to capture a significant share of the European eBanking market, worth approximately US$5 billion by 2005. The report, entitled ‘eBanking Technology in Europe 2001’, predicts that technology expenditure over the next four years will almost double, with the number of customers using internet banking services expected to reach more than 75 million by 2005. The report also states that multi-channel integration and development of a unified delivery platform will take top priority for many financial services organisations.
According to Jim Callan, CEO, Eontec: “The focus of the financing is to secure Eontec’s leadership position in the global provision of EJB-based multi-channel banking software solutions. By using Eontec’s proven technology, banks can enjoy advanced functionality across all service delivery channels including bank branches, contact centres, internet banking and wireless devices.”
Callan continues: “This investment by Warburg Pincus is an important one in Eontec’s global market development and offers great potential for Eontec. To attract attention and secure financial support from such high-quality investors is a great vote of confidence in Eontec’s technology and future strategy. Warburg Pincus will also be involved at a board and management level as we consolidate our global positioning by continuing our aggressive growth strategy in signing new customers and strategic partners.”
Editors note: Photo available on request
Caption: Bill Janeway, vice chairman of Warburg Pincus, the private equity investment firm, agrees $25 million funding with Jim Callan, CEO of Eontec, the global provider of multi-channel banking software.
Interviews available on request.
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About Warburg Pincus
With over $10 billion under management and a further $5 billion available to invest, Warburg Pincus is among the largest private equity investment firms in the world. The firm has invested more than $11 billion in more than 400 companies over the past thirty years. One of the world's leading direct equity investors in information technology, Warburg Pincus has helped to build software and Internet companies spanning a broad range of technologies and stages of development, including BEA Systems and VERITAS Software.
For further information, please visit http://www.warburgpincus.com
Eontec is recognised as the global leader in the development and delivery of Enterprise Java Banking solutions and is the only vendor providing an enterprise Banking platform that combines business content, architecture and tools in one offering.
BankFrame™ from Eontec is the next generation global enterprise Banking platform enabling Banks to achieve a consolidated view of any customer across all service delivery channels. Based on Enterprise JavaBean™ (EJB™) technology BankFrame™ is composed of a multi-channel architecture, the world’s largest repository of reusable Banking Processes and a unique and powerful automated toolset. This enables future-proof Banking solutions to be easily assembled and deployed across all delivery channels, including wireless devices, the Internet, call centres and traditional branches.
Eontec pioneered EJB™ technology for the financial services industry and today is still building on its significant first mover advantages. Eontec was the first company to offer multi-channel EJB™ based Banking software and the first to offer a fully automated end-to-end design, assembly and delivery toolset for rolling out secure, scalable Banking products and delivery channels.
BankFrame™ is delivered through ‘JavaBanking.com’ the world’s first web portal for banking developers, and deployed by a worldwide partner network. Partners include: IBM, Hewlett Packard, Sun Microsystems, BEA, and Perot Systems.
Founded in 1994 by Banking and IT specialists, Eontec is based in Dublin and currently employs 300 people worldwide with offices and development centres in Ireland, United States, Canada, Germany, UK and India. http://www.eontec.com
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