Cloud Computing Firm Saaspoint Raises $2 million

BOSTON & DUBLIN -- (BUSINESS WIRE) -- Saaspoint, the Irish owned cloud computing consulting and applications company, has raised USD $2 million to support the next phase of its development. Enterprise Ireland, the Irish Government agency responsible for the development and promotion of the indigenous business sector, and a number of private investors have taken a small equity stake in the company. Cloud computing is the term applied to Software-as-a-Service (SaaS) applications delivered over the Internet.

“We intend to use the funds raised to build further intellectual property (IP) and invest in our existing and future cloud computing applications,” commented John Appleby, chairman, Saaspoint. “We had significant international interest in this round which augurs well for future fund raising. There is an appetite out there for leaders in the cloud computing space.”

The company, which has revenues in excess of USD $4m, employs 34 people, 15 of which are long term specialist contractors. Appleby added that the company is currently recruiting for international business development staff.

“The global market for software has changed significantly creating a new environment for software companies characterised by demand for greater flexibility, global delivery and cost-effective solutions. Cloud computing is a core part of this ‘New Software Economy’ and Saaspoint has the right technology and business strategy to respond to the new environment and capitalise on these emerging trends,” commented Jennifer Condon, Manager of the Software Division in Enterprise Ireland. “Enterprise Ireland is delighted to invest in this company and to support it in achieving its export growth potential.”

Founded in 2005, Saaspoint specialises in helping global companies adopt and integrate cloud computing on a salesforce.com platform. As well as salesforce.com, Saaspoint’s partners include Google. The company has also developed its own cloud computing products. Many of its staff and founders were early employees of US quoted salesforce.com which is recognised as the pioneer in cloud computing.

Saaspoint cloud computing applications include Mobile Field Scheduler which manages remote staff and TimeTrack which manages billable time and expenses. Earlier this year the company announced that its products have been sold to over 40 organisations across three continents. It is currently working on a number of new applications in the wealth management and database integration areas.