February 23, 2024

Terry Clune & CluneTech Win Deal of the Year at Irish Times Business Awards

Friday, February 23, 2024. DUBLIN, Ireland. Technology entrepreneur Terry Clune and CluneTech, his group of companies, has been awarded Deal of the Year at The Irish Times Business Awards in Dublin, Ireland on Thursday, February 22.

This year marks the sixth year of The Irish Times Business Awards, which were held in the Mansion House in association with Bank of Ireland. The event is a staple in The Irish Times Business coverage throughout the year, led by Business Editor Ciarán Hancock.

The theme for 2023 is ‘Business as Unusual’ which makes reference, in an overarching way, to how much disruption currently exists in the business world (and world at large). Nothing is usual but Irish businesses and businesses managed by Irish leaders persevere at home and abroad.  

The recognition follows a very successful year for the Irish entrepreneur, which saw CluneTech company Immedis, a leading global payroll platform, acquired by UKG for €575M, in one of Ireland’s largest tech deals of 2023. Mr. Clune founded Immedis in 2016 to help large companies solve their global payroll problems. Demand for the Immedis payroll platform grew rapidly and the acquisition reflected an increase in valuation above its last investment round.

Mr. Clune is the founder and CEO of CluneTech, a suite of technology companies that includes TransferMate, the world’s leading B2Bpayments infrastructure-as-a-service provider. TransferMate, under the leadership of Mr. Clune and CEO Sinead Fitzmaurice, achieved unicorn status last year with a $1BN valuation after a $70M funding round, joining an elite group of just seven homegrown Irish tech unicorns to date.

Having founded his first company, Taxback, in 1996, Mr. Clune saw the potential in developing solutions to simplify business processes. He has since grown CluneTech to encompass a group of fintech companies with industry-leading solutions and global reach, that specialise in streamlining processes such as cross-border payments, tax compliance, global VAT and payroll and digital sales. From its Irish headquarters, he and his team have built the business from the ground up to become a global leader in fintech, with offices in 21 countries and a footprint across four continents.

Other companies in the group include original company Taxback, along with Taxback InternationalSprintax, Visa First and Benamic.

Accepting the award, Mr. Clune said it is a “phenomenal pride” for him, as he represents an “extraordinary team of people”.

“It’s a really, really extraordinary talent that backed me up and I’m very, very proud to be able to accept this award on behalf of them”, he said.

With the enormous success of TransferMate and the sale of Immedis completed, the entrepreneur is now looking forward to scaling the other CluneTech businesses, with significant plans for both Sprintax and Taxback International in 2024.

L-R, Eamon Clune, COOof Taxback International, Sinead Fitzmaurice, chief executive of TransferMate,Terry Clune, CEO and Founder of CluneTech and winner of Deal of the Year, Kate Clune,Director of TransferMate, Joanna Murphy, chief executive of Sprintax andTaxback, and Nikki Canavan of Bank of Ireland.


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