Fenero doubles in size after buying Eolas Technologies

Women-led Irish personal taxation and financial management firm Fenero doubles headcount.

Fenero has acquired Indian IT and financial company Eolas Technologies, expanding the company’s presence across international waters and growing its employee headcount to 70.

Founded by Dublin native Sinead Doherty in 2009, Fenero specialises in providing tax and payment management solutions to the contingent workforce including professional service contractors, freelancers, and the businesses who engage them.

“We’ve developed our business strategy and have been very focused on building out new capabilities and capacity within the business”

Fenero has grown from a one-person business to one of 70 employees today, 20 of which are located at its new office in India.

The company has also announced the opening of a Cork office in the Republic of Work and expects to grow its overall headcount by a further 20% to 85 by the end of 2022. The company processes over €200m in payments annually.

Energetic trajectory

“We’re excited and energised by the direction of the company following what was a challenging time during the pandemic,” said Doherty.

“Since then, we’ve developed our business strategy and have been very focused on building out new capabilities and capacity within the business. The acquisition of Eolas Technologies, a company with which we’d previously worked and shown great synergies, has been a big part of that, including allowing us to accelerate the undertaking of a complete digital transformation across the business, to enhance and innovate both the customer and employee experience.

“Our in-house team of developers and UX designers now make up almost 10% of our team, which is a significant shift arising from our strategic commitment to digital transformation and our technology platforms.”

Fenero is a market leader in the Irish contractor solutions sector and is continuing to make further strong and sizeable gains. The firm has consolidated a growth period that doubled the size of the business turnover and employee numbers, and successfully shifted the business from a traditional professional services firm to a digitally led tax and financial services company.

Much of Fenero’s business referrals come from leading recruitment agencies and the team has significantly grown the number with which they work, both in Ireland and the UK. Fenero’s turnover exceeded €3 million in 2021 and the company is targeting further ambitious growth in 2022 and beyond.

When it comes to the future, Fenero remains firmly focused on technological change:

“Technology is continuing to evolve rapidly; the possibilities it brings for further innovating the experience for people in need of tax and financial management services are exciting.

“We will continue to adapt our business in line with the demand from the fast-growing workforce segments of freelancers and contractors for simpler and more convenient ways to effectively manage and maximise earnings and finances. But while we build out comprehensive online platforms, our focus on easily accessible human expertise and the personal touch will remain core to what we do. It allows us to offer the best of both worlds to clients.

“Our goals for the future include launching additional digitally led tax and financial services with the first to be announced later in 2022, and further growth including international expansion driven by technology.”

Main image: Fenero founder Sinead Doherty



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