CFOUR, the comprehensive financial consolidation tool marketed by business analytics company Eunoia was recognised at the Malta Innovation Summit last Friday, October 13.

CFOUR significantly facilitates subsidiary and group accounting through automation. It will be launched to Malta’s commercial community later this month before an international marketing campaign kicks off early next year.

Eunoia is engaged in the design and development of analytical software for small and large-scale commercial activities. The company was recently spawned from a business unit within PTL Ltd, a company of Harvest, the technology division of Hili Ventures.

The Malta Innovation Summit, the island’s first such event, was organised by NetRefer to showcase and accelerate innovation locally. The summit brought together executives, educators, professionals, leaders, innovators and chief executives who are advocating innovation within their organisations.

Eunoia entered CFOUR into the Malta Innovation Summit’s ‘Innochallenge’ to showcase the solution’s innovative approach to consolidation accounting and the benefits it brings to groups of companies and their finance teams.

“We had many great submissions and innovative products and we hope that this sets the tone for the many years of Malta Innovation Summit events to come,” Angele De Mesquita, Head of Governance, Risk and Compliance at NetRefer, said. “Apart from a great and innovative product, it was clear to all of us on the judging panel that Eunoia has put in a great deal of effort into the presentation and submission and it has been my honour to present Eunoia as the winner of the InnoChallenge.”

Eunoia General Manager Stefan Farrugia, who represented the company at the event, was elated.

“We have invested significant resources in CFOUR and this recognition means a great deal to the team. We believe tremendously in this tool and we are confident customers will realise returns on the investment in CFOUR quite rapidly,” Mr Farrugia said.

“We calculate companies can recover the outlay within a year. The underlying architecture has been designed to manage data at scale so CFOUR is able to keep abreast with company growth. Eunoia itself plans to take CFOUR further. We are in the early stages of a cloud-based version that meets the needs of international groups of companies and we are working on adding functionalities. This is just the beginning!”

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Eunoia General Manager Stefan Farrugia: “We have invested significant resources in CFOUR and this recognition means a great deal to the team.”