DUBLIN PENSIONS and life asssurance software specialist Percana has landed a deal with Italian financial services group Generali which is believed to be worth well in excess of €5 million.

Executive chairman and founder of Percana Paul O'Kane would not confirm the size of the deal, but said it was "a multimillion euro contract".

He said the deal was significant for the Irish firm not just in terms of monetary value but because Generali operates in over 100 markets worldwide. The software is being installed in its Guernsey headquarters and will be accessed over the web by staff in regional offices.

Up to now, Percana's business has been largely based in Europe. It has won contracts in Ireland, Britain, Italy and Luxembourg and also has a sizeable outsourcing business where it provides services, based on its software, to companies in the IFSC.

Percana's Eclipse product provides a front, middle and back office platform for managing life and pension products.

Generali International, the subsidiary of Generali Group, has purchased the software.

Peter Hobbs, head of Generali International, said the Guernsey firm's "core business had experienced unprecedented growth over the last 24 months" and, as a result, it was investing in the Percana platform.

It is understood more than 20 software firms competed in the tender process which Percana won.

Percana employs just under 100 staff at its Dublin base but Mr O'Kane said this was likely to expand.

Existing clients include Quinn Life, Commercial Uiona International Life and the Luxembourg life division of Aviva.

"With Eclipse we are selling a multilingual, multicurrency, multi-product from a base in Dublin," said Mr O'Kane.