Strencom, the Irish managed connectivity and cloud computing provider, today announces €6 million investment from reinvested profits and the addition of 20 employees to its current 28 people in its Dublin and Cork offices.
The €6 million investment will help Strencom target a broader range of industry sectors and fund the development and expansion of its business offering, including the acquisitions as the company targets annual recurring revenue of €50M.
The new hires and investment will enable Strencom to grow its managed connectivity, unified communications and managed cloud hosting services in Ireland and the UK. The company currently has aggressive growth plans that will see it grow its large enterprise customer numbers to over 300 by 2020.
Tim Murphy, CEO, Strencom, 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.”
Strencom has begun recruiting for the new roles and expects to add 20 extra employees by the end of 2018 across the UK and Ireland. The company will fill positions in the areas of business development, technical sales, network engineering, technical solutions architecture, cloud engineering and architecture and product management in both its Dublin and Cork locations.
Tim Murphy explained: “Strencom is on a strong growth trajectory and we’re very excited about the future. Our growth plans are very ambitious, but we are well placed to achieve our target. Our managed cloud service has been our biggest area of growth over the past three years. We have a great team in Strencom, which has enabled that growth, and are looking for more of the right people to join us at this very exciting time in our development.
“We’re delighted to announce the new positions and investment in the business. The roles we’re recruiting for are highly skilled and we are looking for very talented people. Our consistent annual growth has enabled us to invest in the business and look at new opportunities, both in Ireland and in the UK.
“We have a strong foothold in the retail, financial services, healthcare, manufacturing, legal, agribusiness and security sectors but we will broaden our focus to other sectors. We will continue on our organic growth path while targeting other sectors such as financial technology, construction and channel partner driven business.”