ServiceFrame, an Irish Outsourcing Relationship Management Specialist Company, Secures $1.4 million

April 11, 2011 - PRLog -- The Bank of Ireland Seed and Early Stage Equity Fund has led a $1.4 million (€950,000) investment in ServiceFrame (www.serviceframe.com), an Irish Outsourcing Relationship Management specialist company.

The syndicated investment comprises of a $650,000 (€450,000) investment by the Bank of Ireland Seed Fund with the remainder of the funds provided by Enterprise Ireland and members of the executive team.

Established in 2009 ServiceFrame’s technology enables companies globally to effectively evaluate, manage and govern their strategic outsourcing environments. Effective governance is critical to success in outsourcing and ServiceFrame’s software reduces the manual effort and time spent by employees and managers in collecting and assessing governance data by at least 50%.  

The ServiceFrame governance tool is currently being used by clients globally such as Ericsson, Royal Sun Alliance and Warner Music to successfully manage their supplier relationships.

The company, headquartered at NovaUCD the Innovation and Technology Transfer Centre at University College Dublin (UCD), will use the funds to drive further growth in the US and UK markets. It also plans significant recruitment of sales and technical staff over the next six months to support these growth plans.  

Commenting on the announcement, Donal Duffy, Head of Enterprise Ireland Relations, Bank of Ireland said, “We are delighted to see Kernel Capital provide investment in a company like ServiceFrame who are at the forefront of providing services across the Internet to major customers in Commerce and Government. In the current climate good governance is essential and ServiceFrame provides easy to use tools for operational and management levels alike to keep up to date on their outsourcing arrangements, and ensure key milestones and commitments are being met."

Welcoming the announcement Greg Treston, Head of High Potential Start Ups at Enterprise Ireland, said, “Enterprise Ireland is working closely with ServiceFrame and is delighted to have supported this highly innovative export-oriented company.  They are successfully winning new business both in Ireland and in export markets by continually anticipating and satisfying customer needs, and Enterprise Ireland is working with them to further develop their international growth.”

Orla Rimmington, Operations Director, Kernel Capital, said, “ServiceFrame is an excellent example of a high-potential start-up that identified a gap in the market for an easy to use and cost effective governance tool to enable companies, of all sizes, to manage the risks, costs and performance associated with the outsourcing function. We are delighted to invest in this dynamic company.”

Traoloch Collins, CEO and co-founder of ServiceFrame, added, “This investment in ServiceFrame is a very significant milestone, we intend to recruit highly skilled software engineers and sales professionals to enable us to further strengthen our core offering and build market share in key international markets.”

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11 April 2011

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Founded in 2009 by Traoloch Collins and Daniel Berman, ServiceFrame provides software-as-a-service to enable strategic services governance. The company was the winner of the Emerging Software Company of the Year at the 2010 Irish Software Association Awards.

The Bank of Ireland Seed and Early Stage Equity Fund is a $46 million (€32 million) fund that invests in start-up and early stage companies, with a focus on export orientated high potential start-up companies that operate in the technology (including green technology), food and financial services sectors, in addition to supporting patent and patent pending projects within Irish universities. It is managed by Kernel Capital.

NovaUCD, the Innovation and Technology Transfer Centre, is the hub of innovation and knowledge transfer activities at University College Dublin. NovaUCD as a purpose-built centre also nurtures new technology and knowledge-intensive enterprises such as ServiceFrame.