Irish firm wins major South African deal
FTI, an Irish-owned company based in Dublin’s IFSC, has secured a South African deal valued at €300,000.
Under the terms of the contract, FTI will implement its FTI Star treasury system for the state-owned Land Bank, a provider of financing to the agricultural sector in South Africa, in conjunction with eSoftware Solutions, its local partner in the market.
The deal follows a similar contract, secured last year, to deploy the system to support the banking activities of the South African Post Office.
Land Bank will use FTI Star to manage its financing and loan book.
FTI has been active in South Africa since 2006, initially working for the National Treasury to benchmark treasury operations in 15 state-owned enterprises, including South African Airways, National Housing Finance Corporation, National Roads Authority, Export Credit Insurance Company, Road Accident Fund and Eskom.
‘‘South Africa has escaped better than most economies from the financial markets collapse,” said Eddie Fogarty, managing director of FTI.
‘‘Prospects for more business are excellent. We are delighted with this further success, especially having beaten competition from the biggest systems companies worldwide.”
Founded in 1988, FTI provides treasury management systems, consultancy and training services to corporate clients, banks and finance ministries.
The firm specialises in treasury, including cash management, debt, financing, foreign exchange and risk management.
Its clients include the Central Bank in Iceland and the Romanian Finance Ministry, which uses FTI Star to manage sovereign debt.
FTI employs 25 staff and has annual revenues of over €3.5million.
