Cork software firm Nomos gets €500k investment

Founded in 2007 by Tricia Balfe and David Garry, Nomos delivers software solutions to the financial sector which address the problem of building and testing financial software. 

Its products enable software automation thereby ensuring greater productivity, cost savings and a considerable reduction in the testing burden, which, according to industry experts, represents more than 40pc of overall development costs. 

Nomos will use the €500k investment to increase its penetration of international financial sector companies and plans significant recruitment of sales and technical staff over the next six months to support this. 

Co-founder and former CEO of Iona Technologies Dr Chris Horn as been appointed as non-executive director. He said: “Nomos has established strong international partnerships and is demonstrating thought leadership in the world of enterprise software. I am looking forward to working with the team as it builds its core business globally.”

Current Nomos customers include major European and international players in the financial sector. For example, its Finnish customer, XMLdation, delivers test services to corporate treasuries on behalf of a number of European banks, driving down corporate IT costs as they migrate to SEPA, the new European-wide payments system. 

Michael Moriarty, manager of financial and enterprise software high potential startups, Enterprise Ireland said Nomos was “a fine example of an entrepreneurial start-up focussed on exploiting a growing market opportunity in financial standards compliance”.