Grant Thornton chooses Dublin-headquartered firm’s software for audit revamp

Professional services firm’s deal with Fund Recs is thought to be worth several million euro

CGI view of Grant Thornton in Dublin’s docklands.

CGI view of Grant Thornton in Dublin’s docklands.

 

Professional services firm Grant Thornton Ireland has chosen software developed by Dublin-headquartered company Fund Recs to better manage its audit process.

The deal is a major boost for the company, a developer of reconciliation software for the global funds industry.

No financial details of the deal have been disclosed, but the contract is a multi-year one and is thought to be worth several million euro.

Under the agreement, Grant Thornton will be using the start-up’s Velocity and Fusion software to help increase the efficiency, accuracy and speed of its investment funds audit process. Grant Thornton said its financial services audit business has seen growth of 50 per cent over the past two years.

“Automating reconciliation and data transformation with a no-code solution in the funds industry is a core competency for us,” said Fund Recs chief executive Alan Meaney. “Grant Thornton Ireland’s confidence recognises Fund Recs’s investment in reconciliation and data transformation innovation.”

Other clients

Founded in 2013 by Mr Meaney and Pádraig Ó Scanáill, Fund Recs employs 11 people. Other clients of the company include Deloitte, Sanne, Link Asset Services and Apex Fund Services.

Separately, another Irish fintech, Chasing Returns, has extended its partnership with US online currency-broker Oanda. The deal sees the New York-headquartered company providing more of the Dublin-based start-up’s services to its clients.

Established by Ann Hunt in 2014, Chasing Returns has developed technology to help financial traders overcome psychological biases. The company’s solutions analyse performance history to help traders understand their individual psychological strengths and weaknesses and turn this to their advantage.