Insuretech company Fineos on target to hit revenues of up to €130m

Irish insurance software company Fineos is on track to achieve full-year revenue in the range of €125 to €130 million, its chief executive has said.

Addressing the company's annual general meeting, Michael Kelly said the company also forecast it will meet its target of 30 per cent growth in subscription revenues for 2022.

Annual recurring revenues – an important metric for software-as-a-service (Saas) companies – totalled €45.7 million last year.

“We are well positioned both operationally and financially to execute on our growth strategy into full-year 2022 and beyond,” Mr Kelly told shareholders.

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Founded in Dublin by Mr Kelly, in 1993, and now employing more than 1,000 people, Fineos is a provider of software solutions for global life, accident and health insurance companies. It counts seven of the top-10 group life and health carriers in the US, and six of the top 10 in Australia, among its customers.

Australian exchange

The fintech, which raised about €130 million when it became the first Irish-headquartered company to float on the stock exchange in Australia in August 2019,recorded revenues of €108.3 million for 2021. This is a 23.3 per cent increase on the €87.7 million reported a year earlier.

Fineos raised $70 million Australian dollars (€44.58 million) in September through an institutional placement in Sydney to provide working capital and balance sheet support for planned R&D investments and growth opportunities.

The company acquired US company Spraoi in a transaction worth up to $10.6 million (€8.9 million) in May. It also bought fellow US firm Limelight Health in a €63.6-million deal last year.