Strencom announces 20 new positions and €6M investment on acquisitions

Business, Employment | Thu 30 Nov | Author – Business & Finance
Strencom Storage Online

The Irish connectivity and cloud computing provider today announces an investment of €6 million from reinvested profits and the addition of 20 employees in its Dublin and Cork offices.

Strong revenue growth over the past three years has led the organisation in looking to acquire two or three companies in the next three years. Strencom targets annual recurring revenue of €50 million.

The 20 new positions being added to the already-existing 28 positions will see a growth in managed connectivity, unified communications and cloud services in Ireland the UK. The large enterprise customer numbers are targeted to get even higher, with the figure set to rise to over 300 by 2020.

The 20 new roles are expected to be filled by the end of 2018 across Ireland and the UK in the areas of business development, technical sales, network engineering, technical solutions, architecture, cloud engineering and product management.

The CEO of Strencom, Tim Murphy, said: “Our growth targets will be achieved by expanding our service offering, targeting new sectors of the market, while also looking at the selective acquisitions of complementary businesses. This would allow us to scale while still offering comprehensive cloud connectivity managed services solutions in Ireland.

“As 25% of our business is from outside of Ireland, primarily the UK, we are looking at this market, as well as in Ireland, for acquisition opportunities. We have identified a number of businesses that are ready for consolidation and would be a good fit for Strencom, as their values and culture reflect our own.”