Pictured from left: Debbie Rennick, ACT Venture Capital, Minister Richard Bruton, Tom Cusack Enterprise Ireland, Alan Holland Keelvar Systems, Conor O’Connor Enterprise Equity

Governments across the world are centralising procurement in order to avail of potential efficiencies. Keelvar Systems, an Enterprise Ireland supported HPSU client company, developed a novel auction technology that brings sophistication to the financial proposal stage of tendering.

Keelvar Systems, Cork a spin-out from University College Cork, now based at the Rubicon Centre in Cork, has lately secured €750k in a funding round led by ACT Venture Capital and with investment from Enterprise Equity and Enterprise Ireland. The company is planning to use the funding to increase staff numbers to 18 and expand the company’s innovative procurement optimisation service for large scale government tenders and multi-national companies.

Keelvar’s software-as-a-service helps purchasers establish a balanced and cost effective outcome between large and small suppliers, which can be critical to indigenous industry. It is a price gathering mechanism that supports communication of creative ways in which waste can be removed, helping Government departments and multi-national companies reduce costs.

Alan Holland, CEO of Keelvar explains: “The market opportunity is huge, global and timely due to the technology’s ability to help resolve the conflict within government budgets to protect and grow employment while saving significant costs and maintaining service levels. Savings of between 4 and 10% are achievable in most spend categories. “

“Keelvar’s approach helps realise efficiencies while at the same time allowing suppliers improve their margins, says Holland, “This is a win-win outcome for both the supplier and the purchaser. “

Keelvar emerged from the 4C research laboratory in the Dept of Computer Science, UCC. According to Prof Barry O’Sullivan, who is funded by Science Foundation Ireland, and the Director of 4C, “Keelvar is an example of how technology transfer from research in UCC can provide a transformational solution for a sector in which reform is a high priority.”