Coleraine company invests £500k to double workforce

  • Photo: Covernet Managing Director, Lee Stuart. Covernet Business Development Manager, Jim Campbell

    A North Coast software company has invested £500,000 to upgrade its IT infrastructure and help double its workforce. 

    Covernet started up 25 years ago and its clients include Axa, Allianz and RSA. It has built over 200 insurance products on its Software-as-a-Service (SaaS) platform ISMIS, with annual premiums in excess of £300m being processed.

    The firm currently employs 20 people at its Coleraine headquarters, but hopes to now fill over 20 more positions. New roles will be within software development, quality assurance, business development and sales, and are aimed at new graduates.

    Covernet aims to expand in the UK before entering new markets in the US and Canada. American global private equity firm Capital Z Partners Management LLC will support it in its future growth plans.

    The Coleraine company plans to invest more heavily in research and development (R&D), with further focus on artificial intelligence (AI) and machine learning. It will also be investing in developing its DevOps operational practices, with emphasis on automation throughout the development lifecycle.

    RELATED: IT recruitment firm to open Coleraine office next week

    DevOps is the combination of development philosophies, practices and tools to produce software faster and more reliably. The firm said this is particularly beneficial in the insurance industry, where “speed to market with new products and reacting to risk are two hugely important factors.”

    Managing director Lee Stuart said: “We are really proud to have been working in the area of innovative insurance product development for 25 years. Our clients are some of the leaders in the global insurance industry and our products deliver a real depth of functionality. We are excited to continue to deliver this, enrich our platforms further, and expand into new markets with our recent significant investment.”

    The company also recently received ‘Investors in People’ accreditation, a recognition of continual investment in workplace culture and skills development.

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