Irish companies announce significant business wins on trade and investment mission to India - Minister Bruton
21 November 2013
Taxback Group to generate €15 million revenue with India launch of PaytoStudy
Three Irish companies announced significant new contracts and business developments during this week’s trade and investment mission to India led by the Minister for Jobs, Enterprise and Innovation, Richard Bruton TD. The mission is being organised by Enterprise Ireland and IDA Ireland, and today’s announcements demonstrate the tremendous potential for building Ireland’s exports in the huge India market and creating jobs at home
- The Taxback Group is expanding into the Asian market with the launch in India of PaytoStudy and has announced contract agreements with two of the top five educational agents in India, among others. These are expected to generate €15 million in new revenue for PaytoStudy.
- Kilkenny company Connolly RED MILLS has also captured significant business since launching in the Indian market in 2012, and has now opened a new representative office in Bangalore.
- Dublin company Globoforce, a world leader in employee recognition programmes, announced a new multi-year contract with Tata Communications, part of Tata Group, India’s leading conglomerate.
Welcoming the announcements Minister Bruton said: ‘At the heart of our Action Plan for Jobs is driving the creation of a powerful engine of exporting Irish businesses. To support this, we have put in place a range of changes through our Action Plan for Jobs, including doubling the number of Ministerial trade missions, a range of tax changes and the establishment of a new Potential Exporters Division in Enterprise Ireland.
“Today’s announcements show the huge potential that exists in the hugely exciting Indian market. These new business wins are hugely significant for these three Irish companies and their Indian partners, and I congratulate them on their success. On a wider level, this activity is creating greater awareness across a range of sectors in India of the high quality and innovative products and services that Ireland has to offer. This is a very valuable platform which will help open up the vast India market for more and more ambitious Irish exporting companies seeking to expand into Asia".
“Based on what I have seen this week, there is enormous potential for Irish businesses to build market share in India, leading to jobs and growth in Ireland. We in Government are determined to provide supports necessary to support these companies to build their exports and create the jobs we need”.
Congratulating the three companies on these successes, Kevin Sherry, Enterprise Ireland Head of International Sales and Partnering, who is accompanying Minister Bruton on the mission, said: ‘These most recent contract wins by Irish companies are further evidence of the substantial opportunities which India offers for Irish firms. Enterprise Ireland continues to work intensely with a growing number of companies to help them compete and win in this major market’.
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Notes to Editors
The Taxback Group, a global international financial services group operatng in more than 110 countries world-wide, has launched PaytoStudy in India, with the signing of agreements with EDUWORLD and EDWISE, two of the top five educational agents in India. The agreements being signed today and others later this week are expected to generate €15 million in new revenue for PaytoStudy, making it one of the leading providers in this growing market place. Terry Clune, founder and CEO of Taxback Group, commented: ‘PaytoStudy is one of the first companies to be approved by the Central Bank in India (RBI), to act as a collecting agent for Indian students going overseas to study. Together with Barclays Bank this service offers Indian students the ability to pay their international university tuition fees from India quickly, securely and in accordance with Indian regulations’.
Connolly RED MILLS, based in Goresbridge, Co Kilkenny, entered the Indian market in late 2012 with its horse feeds and health care product and has captured a significant and growing customer base in a short space of time. With strong progress on international sales to the top tier of Indian racehorse trainers and breeders, RED MILLS have now established an office presence in Bangalore to drive further market growth in India. Michael Connolly, Group Exports Director at Red Mills commented that the company ‘is now in a position to dominate this multimillion euro market in the next two to three years, and we expect to complete negotiations with a leading distributor in India shortly which will contribute significantly to this’.
Globoforce, providers of employee recognition programmes, continues to expand its international reach with the signing of this new multi-year contract with Tata Communications, who chose Globoforce over both local and global competitors because of Globoforce’s proven track record in streamlining different, multi-country recognition initiatives onto a single Software as a Service based global solution. Prior to the partnership with Globoforce, Tata Communications had multiple programmes that were operational in a limited number of departments and cross functional and international recognition was not possible. Commenting on the new contract and its significance, Kieran Conlon, Globoforce VP Accounts and Services, said: ‘Globoforce is honoured and excited to partner with one of India’s most admired organisations to deliver its employees a best in class global employee recognition solution and we look forward to winning similar programmes in 2014 and beyond with other leading Indian based global organisations’.