Irish tech firm set to buy US peer

An Irish technology company is set to buy a US operator for a figure believed to be between €4 million and €8 million.

Similarity Systems, which specialises in database analysis and maintenance, is to buy Texas-based Evoke Software in a deal concluded yesterday.

Neither side revealed the purchase price but it is understood to be €4-€8 million.

According to Tom Golden of Similarity Systems, Evoke's sales once reached $20 million (€16.6 million) annually, but currently stand at $5 million a year. It has 100 customers including General Motors and telecoms giant AT&T.

Evoke specialises in database profiling systems, which allow large businesses to measure and manage the information on their databases. It employs 25 people in Texas and three more in Germany.

Mr Golden said that the acquisition would give the company a foothold in the United States and Germany.

In a statement, Similarity predicted that the move would significantly expand its presence in the European and North American markets.

Similarity Systems employs 50 people in Dublin. The Evoke acquisition will bring its workforce close to 80 people.

The two businesses had been working in partnership with each other as they have complimentary technologies.

Similarity Systems' flagship products, Axio and Athanor, allow users to analyse and consolidate their databases. Its customers include global firms such as food giant Nestlé, aircraft manufacturer Boeing, and clothing brand Gap.

Large firms maintain databases to manage supply chains and customer relations. Financial institutions also need to manage their databases to ensure that they are in line with industry regulations.