FINCAD establishes EMEA Headquarters in Dublin

Michael Ahern TD, Minister for Innovation Policy at the Department of Enterprise, Trade and Employment today (Tuesday, 27^th November 2007) performed the official opening of the new EMEA Headquarters of FINCAD in Blackrock, Dublin and announced details of a €500,000 investment package and plans to create up to 30 high quality positions

The new Centre will develop and support the company’s international growth and will be responsible for managing relationships with clients across Europe, Middle East and Africa. The opening of the centre was attended by FINCAD Chairman, Frank Barr, co-founder and CEO Bob Park, and the Canadian Ambassador to Ireland, Mr. Patrick G. Binns.

FINCAD provides over 1,400 financial modelling products including commodities, convertible bonds, credit equity through to fixed income, foreign exchange, municipal bonds among others. FINCAD allows financial institutions to mitigate the impact of market uncertainty by having a far greater understanding of the consequences of their decisions.

Speaking at the official opening Minister Michael Ahern TD welcomed FINCAD’s decision to locate its EMEA base in Ireland as a significant development for the Irish financial services sector. He also highlighted the importance of the investment in light of intense competition from other leading financial centres in Europe. “The development of a world class financial sector remains a top priority for Ireland. I am delighted with FINCAD’s decision to locate its EMEA base here in Dublin as it further demonstrates that Ireland continues to be a very attractive location for international financial services companies."

Speaking at the opening ceremony, Bob Park, Chief Executive Officer of FINCAD said, “We are committed to making FINCAD a truly global enterprise and we now have the opportunity to expand our presence in EMEA from our headquarters in Dublin. Before making this investment we looked at a number of countries in Europe and we chose Ireland because the people are predominately English speaking, well educated, trained, experienced people with multilingual capabilities. Ireland has a stable Government, a stable economy and is also very friendly to businesses setting up here – the beneficial tax regime was an added bonus.”

He added that, “The current crisis affecting world financial markets is a stark reminder of the inherent risks which exposes companies and individuals to potentially catastrophic losses when critical information is absent, or where the quality of information available to investors is not carefully assessed. Businesses today are challenged by the need to harness the value of increasing amounts of data to make accurate decisions. FINCAD is firmly committed to working closely with our partners in the financial industry to help them assess their financial risk and fulfil their corporate governance obligations in order to generate positive results into the future.”

FINCAD software is designed to help financial institutions to manage exposure to risk by providing valuation, risk assessment and regulatory compliance tools to banks, corporate treasuries and asset management firms in over 70 countries around the world.

ENDS/IP26