Treasury Today Country Profiles in association with Citi

Salmon swims east

The TMS vendor recently established a hub in Bratislava, Slovakia. It is a move that will allow it to exploit the opportunities that are opening up in Eastern Europe.

Irish legend has it that the person hardy enough to catch and eat an bradán feasa, or the salmon of knowledge, would be endued with all the knowledge in the world. It was only natural then that when John Byrne came to name his company, he should opt for the legendary fish. Dublin-based Salmon Software has managed to mix it with the big boys by building on the knowledge gained over the past twenty seven years of developing systems for the world of corporate treasury.

And with Ireland now trying to sell itself a knowledge based economy, Salmon finds itself ideally positioned to take advantage of the opportunities at home and abroad. Enterprise Ireland, a government agency that promotes Irish exports, holds a minority stake in Salmon – a mutually beneficial relationship, according to Byrne. The support it receives from EI allows it to pitch to its customers in all four corners of the globe by taking advantage of the government body’s links with the Irish foreign office and its world-wide network of embassies.

In December last year, Salmon exploited its links with EI to set-up in Eastern Europe, where it established a hub in Slovakia. Other TMS vendors may have already ventured into the eastern European market, says Byrne, but Salmon is bringing a new approach that they believe best fits corporate treasury in that part of the world. “I’d say we are at the vanguard of the way we’re going to service that market with hosted solutions. Our pricing is better suited to customers over there too – especially the medium sized enterprises. Our full installation on the capital side will be better for the size of company over there too.”

The move was prompted by the dearth of TMS vendors in Eastern Europe, which is poorly served by the bigger vendors. “Because treasury is low volume, high value data as opposed to accounting which is a high volume, low value, corporates over there often can’t find the budget for a TMS installation. It comes out of capital budget, not current spending,” Byrne explains. Corporates in Eastern Europe are typically looking for something slightly different to the systems available in the western half of the continent. This means they are more interested in hosted solutions that are paid for on a monthly subscription rather than a fully licensed system.

A hosted Salmon solution is a true plug-and-play piece of kit, Byrne says. “The corporate can have the software hosted wherever they like. We also offer perpetual licenses to our customers – which means we can lower their costs. The way our pricing and licensing works, you don’t have to renew the license at intervals. We recognise that treasury is very different across the board – so we have developed a modular system that allows the customer to use only those parts of the system they need. They can always buy extra licenses if their business develops and they need added functionality.”

Later in the year, Salmon intends to release that latest edition of its TMS software – version 4 – to its customers. The company issues upgrades on a yearly basis, which is a shorter cycle than its competitors, Byrne says. “We are a small company in terms of staff numbers and there is perhaps a misconception out there that we only serve the smaller end of the market. That’s simply not true– we serve large-cap companies such CRH, Ryanair, and Securitas as well as the SME market. We have been in business for 27 years and have maintained the same development team. That has allowed us to develop a more comprehensive set of modules than anyone else in the business. Knowledge, expertise, experience and excellence is what you get when you choose Salmon Treasurer.”