“We believe that by focusing on the local market we will be able to build compelling solutions that larger global software companies will struggle to compete with,” says Mark Gillies, Founder and CEO of Finsoft. Explanations.
What is Finsoft core business?
We are a software company based in Luxembourg developing solutions for the Luxembourg fund industry. Our mission is to digitize and automate processes within the fund industry so that they can be successfully performed, monitored and reported on. Our solutions, FSC – a tool to calculate fees and commissions – and FSO – a tool to perform oversight – are being used by Asset Managers, Administrators and Management Companies of all sizes in Luxembourg and abroad. We are currently based in the Syrdall business park in Munsbach, Luxembourg and have around 15 employees. Our employees have been with us for an average of 8 years and they enjoy strong relationships with our clients.
How can Luxembourg’s ecosystem help you grow?
We believe that Luxembourg has a unique opportunity to become a leading financial technology hub. It is the largest investment fund center in Europe and the second largest in the world and there is a real appetite for technology enablement driven by the Luxembourg state and the Financial Services sector. For us, innovation, is about helping our clients gradually digitize and automate processes that they are performing in Microsoft Excel or in a legacy piece of software. The aim is that by switching to our solutions they can be more efficient. Efficiency gains is what we consider to be innovation. The easiest way for us to grow is for the financial industry in Luxembourg to adopt our solutions and help us address as many of their challenges as possible. This would allow our software to address key issues faced by industry players. Finally, speaking with industry and participating in industry groups and workshops will help to spread awareness about our solutions.
How do you see your company evolving in the next 2 years?
Research groups, such as Gartner, are predicting that companies will by 2025 be spending double their current IT budgets on digital transformation projects. Some industries are already quite ahead on their digital transformation journey but the Luxembourg fund industry is only at the beginning. We expect this to change dramatically over the next 2 years. While our solutions can be used in other jurisdictions our focus will remain on the Luxembourgish market. We believe that by focusing on the local market we will be able to build compelling solutions that larger global software companies will struggle to compete with. Eventually, once we have successfully helped the local market, we see ourselves growing in other jurisdictions.
“Research groups, such as Gartner, are predicting that companies will by 2025 be spending double their current IT budgets on digital transformation projects”