An Irish software company has taken out the title of Australia’s largest foreign stock market listing of the year.
FINEOS has raised $211 million in initial public offering, and was celebrated with Irish performers and the ringing of the opening bell at the Australian Securities Exchange.
The leading tech company provides software systems to the life, accident and health insurance industry for core process administration, digital engagement capabilities, and data analytics.
Speaking at the listing ceremony, FINEOS founder and CEO Michael Kelly said, “Being Irish in Australia is always a great thing…but you guys have made this very special.”
“We’ve bought our leadership team from Ireland down…this is really the start of the next chapter of our journey.”
The ASX approached FINEOS two years ago to propose the listing.
Six of Australia’s top life, accident and health insurance companies use FINEOS software, helping company executives make their decision.
“We thought, ‘we have a great team in Australia, maybe its not a bad idea that we investigate this’,” Mr Kelly said.
ASX Executive General Manager of Listings Max Cunningham said the fintech was an attractive global offering with a workforce across eight countries.
“FINEOS will make the largest ever foreign tech listing that we’ve received and compliment our technology sector,” he said.
FINEOS currently has a market capitalisation of over $500 million, 26 years after it was founded in 1993.
Sydney Irish Consul General Owen Feeney said Irish businesses were flourishing in Australia, and that he hoped Australian companies would follow suit in exploring Ireland for market opportunities and a ‘staging post’ into Europe.
“Irish companies…look abroad, it’s in their blood. There’s no better example than FINEOS.”