A US market intelligence firm is to set up its European headquarters in Waterford city with plans to recruit 100 people over the next two years.
Chicago firm Tegus is to expand to the South East to support its growing customer base across Europe, the Middle East and Asia (EMEA).
The firm had considered basing its international HQ in Dublin but Waterford was selected following a business case review with South East winning out on a range of issues including the lower cost of living and access to potential staff.
Co-Founded in San Francisco by twin brothers Michael and Thomas Elnick, Tegus conducts and collects research and data to help public and private investors to get more qualitative information about companies and sectors prior to making an investment. Tegus now serves more than 1,000 customers worldwide, including investment firms, corporations, and consultancies.
Speaking to the Irish Examiner, David Cashman, Vice President of EMEA said the company listened to the business case for setting up in Waterford.
“I’m living in Dungarvan and for the past eight years has been championing the South East. Tegus said to give them the business case for Waterford and they would look at it.”
“With the help of IDA we prepared a comprehensive case for the region which the company has agreed with. It wasn’t a case of taking chance on Waterford. The business case stood up,” he said.
“There are a number of attractions to the area. The South East has the cheapest commercial property per square foot in the country, with access to the fastest fibre broadband. 500 business graduates came out of the Waterford Institute of Technology last year alone.”
“For the employees, there are similar benefits. A two-bed apartment in Waterford is €900 a month compared to €2,500 for one in Ranelagh in Dublin. The commuting times are less so the work-life balance is more attractive,” Mr Cashman said.
Tegus have begun hiring for roles across the areas of business development, customer success, operations, sales, and people management. They will be initially based in the city’s Boxworks co-working space while they look for permanent offices.
Mr Cashman said Tegus already serves 100 customers in Europe without any marketing and plans to grow that number significantly.
Tánaiste and Minister for Enterprise, Trade and Employment Leo Varadkar TD said the decision by Tegus is great news for the South-East and Waterford City. “It once again demonstrates we have the skills and talent available in all parts of the country to attract foreign direct investment.”
“As we expand internationally, we are relentlessly focused on delivering an incredible user experience and product for our customers. Ireland provides us with the perfect entry point to EMEA to support our growing global customer base and align our team with our customers.”
Thomas Elnick, Founder and Co-CEO of Tegus said their international expansion comes as more and more institutional investors and corporations incorporate research into their investment decisions. “As we expand internationally, we are relentlessly focused on delivering an incredible user experience and product for our customers. Ireland provides us with the perfect entry point to EMEA to support our growing global customer base and align our team with our customers,” he said.
Mary Buckley, Executive Director of IDA Ireland said Tegus’ first expansion outside of North America is very good news for Waterford. “Winning jobs and investment in regional locations is central to IDA Ireland’s strategy,” she said.
