Dublin Company Sysnet Invests €1.27m in Major Expansion with Enterprise Ireland Support

The Tánaiste and Minister for Enterprise, Trade and Employment Mary Coughlan T.D. today announced that Dublin information security consultancy and services company Sysnet is to invest €1.27m in a major expansion programme with support from Enterprise Ireland. The expansion will see Sysnet create 60 new jobs over the next four years.

The investment will position Sysnet to expand its export footprint and meet opportunities in emerging markets, such as the Ukraine, Russia, the Middle East and Africa. The investment is being supported through Enterprise Ireland’s Growth fund which promotes the expansion of internationally trading companies through investments in staff, equipment and technology to increase competitiveness and encourage new exports.

Sysnet was established in 1989 as an open systems information technology company and in recent years has diversified into the payment card data security market developing Securus – a unique online compliance product for international banks and other organisations handling payment card data.

Making the announcement the Tánaiste said:

“I’d like to congratulate Sysnet on its latest expansion programme supported by the Government through Enterprise Ireland. Growing Irish exports is fundamental to Ireland’s economic recovery and this investment will propel Sysnet into its next wave of export growth by enabling them to access high-growth markets such as Russia and the Middle East.

“Internationally traded financial services is identified in the Government’s Smart Economy Framework as a sector that can contribute significantly to the growth of Ireland’s output and employment over the medium term. It is wonderful to see Sysnet making the necessary investment to ensure it can take full advantage of the growth opportunity in that sector.”

Gabriel Moynagh, General Manager at Sysnet added “This latest investment demonstrates our commitment to our international expansion goals, it will enable Sysnet to fully exploit the many opportunities identified in both new and high-growth markets. We already have established relationships in more that 30 countries worldwide and this next stage in our international development will greatly increase our global footprint taking us closer to our goal of becoming the leading international provider of information security assurance and payment card industry compliance services. We are delighted to have the support of Enterprise Ireland at this exciting and challenging time in our development.”

Enterprise Ireland’s Head of Internationally Traded Services Kevin Sherry said:

“Sysnet’s growth and success over the past 20 years reflects their strong capability to evolve and diversify to meet new and emerging opportunities in their market. The company is currently well positioned in the market to grow substantially through their scalable business model. Sysnet’s track record of investment in innovation and product development positions the company for its next wave of growth and Enterprise Ireland is delighted to support its expansion and drive for further growth.