Melior Equity Partners has taken a stake in Salmon Software, a specialist in treasury management software.
Founded by CEO John Byrne, Salmon Software employs 30 people in Ireland and the Czech Republic.
The company’s software system enables customers to automate treasury management processes, providing information on debt, derivatives, foreign exchange, banking, cash management and payments.
Customers include CRH, Avolon, Dechra Pharmaceuticals, DP World and Ryanair.
Melior’s investment was not disclosed, with reports suggesting an investment figure of c.€15m.
In Association with
Salmon Software Ltd, incorporated in 1991, had a net worth of €6.8m in March 2021 after booking a net profit of €870,000 in 2020/21.
The company had balance sheet cash of €3.6m, and period-end trade debtors were €1.1m, up from €220,000 a year earlier. Net current assets amounted to €4m.
Salmon Software had 12 people, including four directors, on the payroll in 2020/21. The four directors shared €450,000 in remuneration and €220,000 in company pension contributions
Melior was established in 2020 by Jonathan Cosgrave and Peter Garvey who previously co-headed the management of the Carlyle Cardinal Ireland Fund.
CCI fund investments included AA Ireland, Carroll Cuisine, GSLS, Learning Pool, Lily O’Brien’s, McCauley Pharmacy, Payzone, Sports Surgery Clinic and The City Bin Co.
The company says its capital is sourced from international and local sovereign wealth funds, fund of funds, foundations, financial institutions and family office investors.
Fiona Timmons, an experienced software industry finance executive, has joined Salmon Software as chief financial officer.
John Byrne (66), who prior to the deal was sole shareholder in Salmon Software, commented: “The investment by Melior is an exciting development for both our customers and employees. We have developed a world-class treasury management software system with deep product functionality that receives the ongoing support of a loyal blue-chip customer base.
“The Melior investment will allow us to grow and invest further in our team, extend our support and sales infrastructure, and deliver product enhancements including a superior cloud-hosted offering.”
Jonathan Cosgrave stated: “The global treasury management software system market is valued at €1 billion and is forecast to grow strongly over the coming years. As a leading independent provider with strong reference customers, Salmon Software is ideally placed to meet this demand.”
In 2021 Melior invested in insurance broker BHP Insurance.
