Fireminds to expand with major US investment

  • Cloud’s silver lining:IT firm  Fireminds’ CEO Michael Branco and his staff are celebrating a multimillion-dollar investment by $1 billion US tech firm ATN (Photograph supplied)

    Cloud’s silver lining:IT firm Fireminds’ CEO Michael Branco and his staff are celebrating a multimillion-dollar investment by $1 billion US tech firm ATN (Photograph supplied)

IT firm Fireminds has won a multimillion dollar investment from the majority shareholder in telecoms company One Communications.

The massive cash injection from US-based ATN International will allow the tech firm to expand into new markets — and provide a wider range of services to existing clients.

And Michael Branco, founder and CEO of Fireminds, said the deal would lead to at least three or four new jobs in Bermuda, as well as potential for extra posts in its Miami office.

Mr Branco said the company’s expansion over the past few years had been fuelled from its own resources.

He added: “To seize the opportunities out there, particularly in the cloud arena, we thought it best to get some capital into the company.

“We looked at a few options and ultimately ATN was the best partner for us — not only did they bring a capital injection, they also sit in multiple markets.

“It was capital injection to grow the business and access to other markets. That was key for us.”

Fireminds will remain a stand-alone Bermuda-based company as a result of the deal, the terms of which were not disclosed, and Mr Branco will stay at the helm.

Subsidiary Premier Tickets, a separate arm of Fireminds, is not included in the ATN deal.

Mr Branco said: “I have worked with ATN extensively and I’m really thrilled to have them as part of the shareholders.”

He added: “I’m in for the long term and still a very significant shareholder along with ATN.”

Mr Branco said: “In the next weeks and months, we definitely want to add three to four people — last Monday we added a new staff member. The growth is happening already.

“We will initially focus on growing in Bermuda. We have a lot of happy customers. Now we are part of a larger entity we can deliver a lot more to our customers in terms of more staff, upgraded technology and new opportunities.

“We always had a focus on innovative solutions and our customers. It’s all about the customers.”

He added that software giant Microsoft — which has honoured the firm as regional partner of the year three times in a row — was keen to see Fireminds expand its existing business in the Caribbean and Latin America.

Mr Branco explained: “They want to do that because we are the intersection between software development and the cloud.”

He said: “The great bonus for our Bermuda staff, including me, will be travel.

“Our staff will be able to get that experience and broader opportunities to work on.”

Mr Branco added: “We have spoken to most of our customers and they’re happy about the direction we’re going in.

“In IT, business is international — even here in Bermuda, we’re competing with overseas companies. This is a natural progression to better serve our Bermuda customers and also compete internationally.

“We now have a larger company, more resources to tap into and deeper pockets. Our customers are very happy with that.”

Fireminds built and ran the America’s Cup ticketing system and also created the online census portal for the Bermuda Government, which was used by nearly three-quarters of respondents. This saved the public purse “seven figures” by cutting out home visits by census takers.

Mr Branco said: “It’s going to be really exciting to see this company, which started in Bermuda, and see what it can do regionally.”

Barry Fougere, ATN executive vice-president, said: “ATN’s investment will help accelerate Fireminds’ strategy to be a fully integrated cloud solutions provider that is a single source for all IT needs and will complement our existing telecommunications portfolio with bolt-on cloud and software development services.

“We look forward to working with Michael and his team to combine our resources to increase support for existing customers and fuel further growth in Bermuda and new jurisdictions.”

ATN took over 51 per cent of KeyTech in May last year, while what is now One Communications got a $41 million cash injection and acquired ATN’s stake in CellOne.

You must be registered or signed-in to post comment or to vote.

Published Sep 25, 2017 at 8:00 am (Updated Sep 24, 2017 at 11:48 pm)

Fireminds to expand with major US investment

What you
Need to
1. For a smooth experience with our commenting system we recommend that you use Internet Explorer 10 or higher, Firefox or Chrome Browsers. Additionally please clear both your browser's cache and cookies - How do I clear my cache and cookies?
2. Please respect the use of this community forum and its users.
3. Any poster that insults, threatens or verbally abuses another member, uses defamatory language, or deliberately disrupts discussions will be banned.
4. Users who violate the Terms of Service or any commenting rules will be banned.
5. Please stay on topic. "Trolling" to incite emotional responses and disrupt conversations will be deleted.
6. To understand further what is and isn't allowed and the actions we may take, please read our Terms of Service
7. To report breaches of the Terms of Service use the flag icon

  • Take Our Poll

    • "Views on schools reopening for 2019-20 year during coronavirus pandemic"
    • All schools to reopen once cleared
    • 32%
    • Older students only
    • 4%
    • Older students but for exams only
    • 12%
    • Remote learning only
    • 53%
    • Total Votes: 4058
    • Poll Archive

    Today's Obituaries

    eMoo Posts