29 Jan 2018 | 10.12 am
New Cork HQ And Big Deals For Over-C
Dutch partnerships worth €20m for the IoT firm
29 Jan 2018 | 10.12 am
Over-C, an internet-of-things (IoT) technology company founded in the UK in 2011, has opened new headquarters in Cork. The firm also announced that it has signed two European partnerships worth up to €20m over the next three years.
Over-C was founded in London by British entrepreneur Michael Elliott and Gregory Gleinig, originally from the US. Elliott previously founded Akita Security, which was sold to Carlisle Plc, while Gleinig has worked software development and management for more than 27 years.
Their company uses IoT technology to improve traditionally manual-based processes, such as indoor navigation, workflow management and paper-centric audits.
According to Over-C, the new partnerships it has tied down are with Dutch telecoms company KPN and Facilicom Group, a facilities management firm also based in the Netherlands.
The partnerships have come at a good time for Over-C – its Irish operation, which was incorporated in 2014, booked a loss of €512,000 in 2016. The company’s debtor book value at end 2016 was €8,000 and cash reserves amounted to €65,000.
Seven staff were employed by Over-C in Ireland in 2016, earning average remuneration of €44,000. The firm’s UK parent provided a €555,000 loan in 2016 to support its Cork-based subsidiary.
Speaking at the official opening of Over-C’s new Cork headquarters last week, CEO Michael Elliott said that his firm had spent the last two years developing its platform to enterprise grade for Over-C’s partners, who are reselling the software to global enterprises.
“We have seen significant growth in the past 12 months, with our team growing from a team of six to 27. Today, we have offices in Cork, London and Amsterdam, with further expansion into Germany in 2018.”
Over-C secured funding from Enterprise Ireland to help it set up in Ireland. Niall McEvoy, who works with the state agency, said that the IoT firm is a prime example of how a startup with a “revolutionary idea” can transform into a business that grows at a sustainable level.
Over-C previously appointed Sir Roger Bone, former chairman of Boeing UK, as its chairman. Its customers include Eli Lilly, Thomond Park and Savills UK.
Photo: Michael Elliott (centre), with Teresa Carrasco, Over-C, and Tanaiste Simon Coveney (Pic: Darragh Kane)