Irish Companies at European Banking Technology Fair, Frankfurt

Mr. Noel Treacy, T.D., Minister for Science and Technology said that the German speaking Software Market, worth 143 Billion Euros in 2000 and growing by 8% a year, is the third largest market for software in the world after the USA and Japan. The Minister was speaking today (Thursday 2nd November 2000) during a visit to the Enterprise Ireland organised national stand at the European Banking Technology Fair in Frankfurt.

Minister Treacy said that the most dynamic part of this market is the Financial Services Sector, which accounts for around 15% of total spending. "Banks are under competitive pressure from non and near banks and need to reduce costs and increase efficiency. This means they are the primary investors and early adapters of cost reducing e-business type solutions developed by Irish indigenous companies".

The Minister said, "our IT companies offer first class solutions particularly for the financial sector. Participation at the fair, which is a platform for experts from all over Europe, is an ideal forum for Irish companies to present solutions to the sector as well as exchange experiences and learn about new developments."

Minister Treacy said that Irish companies have excellent niche solutions and are extremely competitive. "Many do not see Germany as a priority despite the size and potential of the market. Too few Irish software companies have made sales or established partners or sales offices in the German market". Minister Treacy added that the key for these companies to break into the market is to establish credibility through a good partnership arrangement. "I believe that many of the larger German IT companies are very open to proactive approaches from Irish companies with good solutions in the areas of e-commerce, CRM, security payments, and other internet related applications.

For Irish companies, the key growth areas are in web enabled solutions that enable companies to carry out electronic commerce and integrate it with their existing business processes; flexible niche solutions with the latest technology and customer management solutions that allow companies to communicate with their customers, suppliers, partners and distributors."