Big Red Book secures funding of €685k
Big Red Book, a Dublin firm specialising in financial software for SMEs, has secured €685,000 in Davy BES funding to enable new product development.
This is the second slice of funding secured by the company under the scheme. In 2004, it received a similar sum from the fund, which is managed jointly by BDO Simpson Xavier and Davy Stockbrokers.
Big Red Book sells six products in Ireland and Britain, including accountancy, payroll and customer relationship management ( CRM) packages. It will use the Davy BES funding to finance product development, including research into SaaS (software as a-service) models.
‘‘We have the second-most used accountancy software in the Irish SME sector, with over 15,500 registered users operating the software, running the books for in excess of 35,000 companies and sole traders,” said Marc O’Dwyer, managing director of Big Red Book.
‘‘We have an excellent relationship with BDO and it has an in-depth knowledge of the current challenges facing Irish SMEs. Furthermore, in the current tightening credit markets, BES is an alternative source of funding for SMEs – and BDO specialises in it.”
