Irish personal taxation and financial management firm Fenero has acquired Indian IT and finance company Eolas Technology, expanding its presence internationally and increasing its headcount to 70.

The company, which was founded in 2009 and specialises in tax and payment management solutions to contractors, freelancers and businesses that employ them, has also announced the opening of a Cork office at the Republic of Work.

With the acquisition, Fenero adds 20 staff based in India, and it expects to increase its headcount to 85 this year. The firm says it processes over €200m in payments annually.

"We’re excited and energised by the direction of the company following what was a challenging time during the pandemic. Since then we’ve developed our business strategy and have been very focused on building out new capabilities and capacity within the business," said Sinead Doherty (pictured), CEO of Fenero.

"The acquisition of Eolas Technologies, a company with which we’d previously worked and shown great synergies, has been a big part of that, including allowing us to accelerate the undertaking of a complete digital transformation across the business, to enhance and innovate both the customer and employee experience.

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“Our in-house team of developers and UX designers now make up almost 10% of our team, which is a significant shift arising from our commitment to digital transformation and our technology platforms.”

Fenero Taxation Services Ltd, owned by Sinead Doherty and David O’Reilly, booked a net profit of €96,000 in 2020 and had net worth of €350,000 at year-end. Balance sheet cash amounted to €680,000 and liabilities were €828,000,

The firm said many referrals come from recruitment agencies in Ireland and the UK, and the company has shifted its operations to online become a digitally-led tax and financial services company.

"Technology is continuing to evolve rapidly; the possibilities it brings for further innovating the experience for people in need of tax and financial management services are exciting," Doherty added.

“We will continue to adapt our business in line with the demand from the fast-growing workforce segments of freelancers and contractors for simpler and more convenient ways to effectively manage and maximise earnings and finances.

“Our goals for the future include launching additional digitally led tax and financial services with the first to be announced later in 2022, and further growth including international expansion driven by technology.”