01 Aug 2017 | 12.34 pm
Global Shares Adding 80 Jobs
Taxpayer funding through Enterprise Ireland
01 Aug 2017 | 12.34 pm
West Cork financial software company Global Shares is to add 64 jobs to its Irish payroll and a further 16 at overseas locations, spread across posts in IT, financial, customer service, trading, legal and share plan analysis.
Global Shares provides share plan administration software, share-dealing, global custody and financial reporting tools and the 80 new jobs will bring its total employed to 228. The expansion is supported partly with a cash injection from Enterprise Ireland.
Recruitment begins immediately, and full details are available on the Global Shares website.
The company has increased its client base from 150 to 250 in 25 countries over the past two years, and has offices in Cork city, Dublin, London, Edinburgh, Portugal, Germany, New Jersey, California and Hong Kong, as well as its head office in Clonakilty. Its major focus is on what it calls ‘equity compensation management solutions’, with the software making it easy for client companies to deliver shares to their employees, wherever they are in the world.
Chief executive Tim Houstoun said: “Today’s job announcement is significant in that we have exceeded our three-year expansion target set in 2015 to create 80 new jobs, with today’s announcement bringing the total to 160 new positions.
“We have experienced stellar growth across every aspect of our business over the past two years and additionally became MiFID & FINRA/SEC regulated, meaning we can now offer clients a complete one-stop solution to manage every aspect of their employee share plan. We are at a key point in our growth cycle and have undertaken significant restructuring in recent months to meet the changing needs of our business.
“This growth has led to the launch of a significant recruitment drive for high-skilled roles and we look forward to receiving applications from those who wish to be part of an exciting and cutting-edge global company.”
Global Shares has been very successful at using the Employment and Investment Incentive Scheme to raise equity funding. The company availed of EIIS to raise €4.35m between 2012 and 2015. A November/December 2016 allotment document reveals that scores of small investors invested €4.56m in the company at the end of last year.
December 2015 accounts for Global Shares plc show that the venture booked a loss of $460,000 in 2015. Equity invested at end of 2015 amounted to $10,510,000 and year-end accumulated losses amounted to $5,210,000.
The company supports the initiative to introduce new share scheme legislation for SMEs in Budget 2018. On that subject, minister for financial services Michael D’Arcy said: “An overarching objective of the government’s IFS 2020 Strategy is to strengthen our indigenous fintech sector as a source of high-value job creation. Approximately one-quarter of 2017 actions target this area. Global Shares is a great example of Enterprise Ireland’s policy of strategic investment, and today’s announcement is proof that an Irish company can compete and succeed on the global stage.”
Photo (l-r) Martin Corkery and Billy Hanley of Enterprise Ireland with Tim Houstoun and minister Micheal D’Arcy. (Pic: Dermot Sullivan)