Industry & Business

Limerick software company Kneat has secured a €5.5m investment from Canadian firm Fortune Bay, which it plans to use for expansion, in the course of which it will hire 30 new staff.

The firm has signed a transaction agreement with Canadian company, Fortune Bay Corp.

Kneat provides software solutions for the global life sciences – healthcare and other regulated sectors.

Jobs will be available in roles such as experience software developers, testers, pharmaceutical process specialists and business development managers.

Eddie Ryan, CEO at Kneat, said: “We are excited to take this important step in capturing the rapidly growing market for compliance related document and data management software for regulated Industries.

“In acquiring access to increased financial resources and entry into a lucrative marketplace, we can accelerate our international growth plans.

“We launched our first solution in 2014 initially targeting validation applications for the biotech and pharmaceutical industries, and can now count several blue-chip biotech and pharmaceutical companies as clients. Our software is also applicable to other industries such as oil and energy, aviation, nuclear and automation where good data management, good documentation practices and regulatory compliance are highly valued.

“As we enter this next chapter in our company’s history, I would like to acknowledge the Department of Jobs, Enterprise and Innovation through Enterprise Ireland, whose support in growing our business has been invaluable.”