Copperfasten Announces €500k Investment from Enterprise Ireland and Oyster Technology Investments Ltd
Thursday 17th May 2012: Copperfasten, an Irish software company that produces internet security solutions, today announced that it will create 37 new jobs supported by Enterprise Ireland in Galway. The expansion is based on new investment of €500k by Oyster Technology Investments Ltd and Enterprise Ireland.
The investment will help fund a significant export-led growth plan that is forecast to more than treble sales over the next 3 years. It builds on previous significant investment in R&D by the firm, part-funded by Enterprise Ireland, to develop WebTitan, the company’s web security gateway appliance.
Copperfasten Technologies, which currently employs 15 people in Salthill, Galway was established in 2000 by former staff of DEC Galway. The company produces two internet security solutions for the B2B market – SpamTitan and WebTitan.
Congratulating the company in Galway today, An Taoiseach Enda Kenny said:
“This announcement by Copperfasten is great news for Galway, for the Western region and for the Irish software industry. This is a prime example of an Irish firm, investing in R&D to develop world-class products for export and growth at home and abroad.
“Economic stability is essential for businesses to invest and plan for the future. For our part, the Government will continue through the Action Plan for Jobs to create and maintain an environment where R&D can flourish. I wish Copperfasten continued success in their ambitious growth plans with support from Enterprise Ireland.”
Ronan Kavanagh, CEO of Copperfasten Technologies said:
“We are delighted to make this announcement today which will allow us to continue to build on our success to date and increase the foot print of our products internationally. We have seen fantastic adoption of our products and it is great to now be in a position to build on this. This investment and the new positions will allow us to drive sales and scale the company in the forthcoming years.”
Barry Egan, Enterprise Ireland’s Western Regional Director said:
“Through investment in R&D, and a clear and focused strategy, Copperfasten has developed an enviable position competing in the same field as global names such as Symantec, CISCO and McAfee. Enterprise Ireland is proud to support Copperfasten’s achievements and will continue to work closely with the company as it executes its export-led growth strategy.”
Established in 2000 by former staff of DEC Galway, Copperfasten produces two internet security solutions for the B2B market:
- SpamTitan – an e-mail gateway security appliance that protects corporate e-mails from viruses, spam and unwanted content (84% of sales), and
- WebTitan – a web filtering appliance that allows companies to monitor, control and protect users and data when online (12% of sales).
Copperfasten delivers its products through Appliance-based Software Delivery (AbSD)  and more recently Software as a Service (SaaS).
The company currently has in excess of 2,500 customers in over 100 countries around the world.
Enterprise Ireland has worked closely with the company over the past few years providing finance towards R&D programmes and export-led business strategies. The management team has participated in Enterprise Ireland’s Internet Growth Acceleration Programme (iGAP) and is now on a significant growth path which will significantly increase exports and create 37 new jobs.
About Oyster Technology Investments Limited
Oyster Technology Investments is a Dublin based venture fund formed by Bill McCabe, one of Irelands most successful technology entrepreneurs.
 AbSD is a method of delivering software to virtual servers. The software is downloaded as a file which when opened configures itself as a virtual machine. This machine typically has the speed, capacity and features of dedicated hardware.