Fenergo on acquisition trail as revenue and headcount rises
Irish fintech Fenergo is looking at a number of potential acquisitions as it looks to scale up faster. The move comes as the company, which was valued at $800 million last year following an investment round, has continued to see strong growth despite the Covid crisis.
Speaking to The Irish Times, Fenergo founder and chief executive Marc Murphy said it had taken on an additional 100 employees in 2020, had experienced growth in every area in which it operates, and secured 25 new contract wins.
The company recorded turnover of €78.3 million for the 12 months ending March 31st, 2020, versus €70 million for the same period a year earlier.
Recurring software revenues rose 27 per cent to €33.65 million, while cash reserves increased 170 per cent to €39.4 million.
Mr Murphy forecast revenues of around €95 million for the year to the end of March 2021.
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