Emydex at the Deloitte Fast 50 Awards 2013.
David McMahon, chief executive of Emydex Technology, is no stranger to the Deloitte Technology Fast 50 awards. McMahon previously managed tech firm, Labyrinth, which also ranked in 16th place in 2002’s Fast 50 listing.
This year’s Emydex listing was secured on foot of a 362 per cent growth in the company’s revenue since 2008, and represents a climb of ten places since last year’s Fast 50 listing, when Emydex was placed 26th, based on revenue growth of 269 per cent.
”Back in 2002, 240 per cent growth was enough to rank 16th, versus 362 per cent required in 2013, and this was despite 2002 being the height of the dotcom boom time. It was also despite the inclusion of technology giants such as Cyril McGuire’s Trintech, Sean Kelly’s eTel and Chris Horn’s Iona Technology,” said McMahon.
Emydex was founded in 2004 by Redmond Burke and James Grennan, both of whom had worked with Scanvaegt Ireland, now Marel, one of the world’s largest suppliers of industrial hardware systems to food processing industries.
McMahon joined Emydex in 2009, and was appointed chief executive when Burke stepped down as managing director in 2010. Emydex sells factory floor production reporting and traceability systems for food producing groups, including Dawn Meats, Kepak, Dunbia, and Moy Park.
McMahon said Emydex had a balanced focus on increasing revenues and keeping existing customers happy. ”Ireland is too small, so you have to ensure your existing customers remain happy customers, as it these that will ultimately drive the future sales to your next customers.”
Food processors use Emydex software to manage production lines, control stocks, and report on food chain traceability as well as yields, costs and giveaways. The company employs 22 people, mainly programmers, but expects to create 18 new jobs in the next 18 months.
”We are actively recruiting an additional five .Net programmers on foot of new contracts won,” said McMahon.
January’s horsemeat scandal served as a wake-up call for the food sector globally, he said. “Since the scandal, we have definitely seen a rise in the number of inbound enquiries with technology-based traceability and food safety management systems firmly back on boardroom agendas.”
With more than 50 plants using Emydex software in Ireland, Britain and France, the company’s focus is on extending its global reach.
”We are working on a number of opportunities in Southern Africa – in Namibia, Botswana and South Africa – right now, with local partners and support from Enterprise Ireland. We are on the verge of signing our first contract there before year-end,” McMahon said, who credits the company’s niche market as the reason for its growth in the past five years.
”There are opportunities and temptations to expand our product and service offerings in new directions, such as supplying industrial hardware in addition to software, or supplying software systems into new industries. However, by learning to say no’ and focusing instead on what you are really good at – your core strengths – you get successful project rollouts, satisfied and happy customers, that drive future growth.”
McMahon said the Deloitte accolade would help to attract valuable new talent. ”As a Fast 50 fast-growing company, we are going to need plenty more programmers to allow the company to grow its people in line with revenue growth, having won new customers,” he said. ”What is most important to me is that we build a greater awareness of Emydex Technology among the established network of talented programmers out there, so that we might attract more applicants for the .Net programming jobs we have available.’
Details of the final Technology Fast 50 ranking list are available to download at www.fast50.ie