Pervenio, Winner of All Ireland Seedcorn Competition 2004
Monday 29th NOVEMBER 2004
CORK COMPANY THROUGH TO €100K FINAL All-Island Seedcorn Competition Finalists Announced
Pervenio, is through to the final of InterTradeIreland’s All-Island Seedcorn Competition it was revealed today. Pervenio, a Mobile Telecommunications software and consultancy company will represent Greater Cork in the Seedcorn competition and will join six other companies from across the island in pursuit of the top prize of €100K.
Pervenio has already won a guaranteed €20K by impressing judges with its business plan during one of the competition’s semi-finals. The next stage is to present their plans at the all-island final in Newry next month in an attempt to secure a €100K funding injection. In total the competition received over 400 expressions of interest and almost 120 detailed business plans from companies across Ireland. Organised by Inter TradeIreland’s EquityNetwork initiative, its aim is to encourage companies to examine the benefits of private equity funding.
Founded by Managing Director Ian Deakin, Pervenio provide innovative revenue generating software solutions to the mobile telecommunications industry. Pervenio's patented handset capabilities management solution can detect the use of a new mobile handset by a customer the instant it is switched on, enabling mobile telephone operators to offer better services to their customers.
Commenting Ian Deakin said,
“We are delighted to be chosen as the Greater Cork finalist, the Seedcorn competition has been a great opportunity for us to focus on the potential benefits of private equity funding and we’re looking forward to competing with some of the best start-up companies that the island has to offer. The mobile telecommunications industry is extremely competitive and we feel our Patented technology will benefit operators not only on a national level but on a worldwide level in the future. Recognition and support through the Seedcorn competition will benefit us greatly on our journey to worldwide success.”
Announcing the finalists, Mr Barry Fitzsimons, InterTradeIreland’s Vice-Chairman, said:
“The quality and the diversity of entries received this year have proved that entrepreneurial flair is alive and well right across the island. Whittling the entries down to the final seven was no easy task, and all credit is due to the entrants for the high standards on display.
“One of the key reasons for running the competition is to help start-ups become investor ready. Last year five of the semi-finalists went on to secure private equity investment worth €3m and several more signed strategic agreements with larger organisations. This competition is a learning process and we’re confident that this year’s entrants have already developed skills which will impress potential investors in the near future.”
A special judging panel drawn from industry, the venture capital sector and economic development community will hear the finalists pitch for the €100K prize and the title of All-Island Seedcorn winner at Newry’s Canal Court Hotel on December 8th.
About the EquityNetwork
EquityNetwork is InterTradeIreland’s major initiative to promote the acceleration of business growth through the use of private equity. It was established in November 2001. EquityNetwork provides the following services to the business community:
· An island-wide education programme to raise the awareness and use of private equity for accelerating business growth.
· Free, value-added advisory services to businesses to assist in making them ‘investor-ready’.
· Signposting and advice for businesses seeking equity finance.
· The promotion and development of a comprehensive island-wide non-executive director network available to businesses.
About Pervenio
Pervenio provide innovative revenue generating software solutions to a Global telecommunication market, with headquarters in Cork, Ireland.
Pervenio’s, flagship product the Handset Capability ‘Reach’ Server enables mobile network operators identify in real-time, any change of mobile handset type by a customer. The operator is able to instantly react, enabling new services appropriate to the new handset type being used and offer better services to their customers.
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