Kerry company Monex wins €4.5mHertz deal
By Elaine O’Regan
Monex, a multi-currency and card processing company based in Kerry, has agreed a deal with car rental brand Hertz. Estimated to be worth €4.5 million, the three-year agreement is for the provision of multi-currency treasury management software to Hertz operations in Europe.The deal will enable Hertz to offer more efficient over-the counter foreign exchange services to its customers.
Using Monex’s Customer Preferred Currency Conversion (CPCC) software, Hertz customers will be able to convert transactions in all locations into the currency normally used on their credit card, providing real-time price transparency.
A total of 14Monex jobs will be created over the life of the contract. The majority will be based at the company’s headquarters in Killarney.
‘‘The Hertz deal is an important contract for Monex as it associates our service offering with another major blue-chip global business and internationally recognised customer brand,” said Frank Murphy, chief executive of Monex. ‘‘Monex has set itself ambitious targets for new business development across our prime target market, the international hospitality and travel sector.
‘‘The Hertz contract will further reinforce our position as the leading provider of foreign currency management systems to international businesses in the sector. I’m confident that the Monex service will have a very positive impact on the Hertz business and its customers.”
Established in 1997, Monex Financial Services processes more than 46 million transactions annually, handling payments valued at €8 billion.
The company employs 150 people in Ireland and overseas in Britain, America, Australia, Hong Kong, Shanghai, Beijing and Singapore. It had revenues of €38 million in 2008. Monex recently signed a licensing agreement to supply software to Dublin Airport Authority’s three duty-free shops.
In a separate five-year contract with Ryanair, it licensed its software to process €2 billion in credit card transactions annually.
