FINEOS CEO Michael Kelly
Following the Irish fintech’s hugely successful IPO on the Australian Securities Exchange, FINEOS CEO Michael Kelly is Business & Finance’s Business Person of the Month for August 2019.
Founded by Michael Kelly in 1993, FINEOS started trading on the Australian Securities Exchange in Sydney just two weeks ago.
The Dublin-headquartered firm raised A$211 million (€129m) from its initial public offering (IPO), Australia’s largest so far this year.
Initial valuation of the company was more than €400m at the time of the listing.
This would give Kelly, who still has a 62.9% stake in the company, a shareholding worth at least €250m.
However, following strong full-year results at the end of August, the valuation of the Irish software company has surged to €500m.
FINEOS provides enterprise software solutions for insurance and government social insurance.
One of the most influential and respected executives in the fintech space, Michael Kelly is CEO of FINEOS Corporation.
The company said it intends to use the net proceeds from the IPO to invest further in R&D to grow the FINEOS product footprint and develop new business lines.
It is expected that there will also be extra hires and investment in additional sales, marketing and client account management capabilities.
FINEOS has offices in North America, Europe and Australia, and has more than 60 insurance carriers and government accident compensation agencies as customers.
Business & Finance, Business Person of the Month
Business & Finance, in association with KPMG, rewards excellence in business through the ‘Business Person of the Month’ award. This award seeks to recognise noteworthy achievements in business leadership, and, particularly, those that make a telling contribution to the wider business community in Ireland.