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  • Success story article
  • 3 October 2024

Expanding data and analytics services into Cyprus

Maltese data and AI services company Eunoia
Network partners
Sector group
ICT Industry & Services
Countries
MALTA

Maltese data and AI services company Eunoia has embarked on its European expansion journey with the support of the Enterprise Europe Network. Its first port of call is Cyprus. 


 

A great start

Founded in 2017 to deliver focused data and analytics solutions, Eunoia showed great promise from the very start. It was driven by a team of incredibly talented, enthusiastic and passionate individuals who pushed the boundaries of innovation. They were helping organisations in a wide range of sectors to speed up their data journey and their implementation of AI.

This remarkable team, headed by CEO Stefan Farrugia, had a dream – to expand into different European markets. First on its list was Cyprus, but how could they ensure a successful expansion?

In September 2021, Farrugia reached out to Enterprise Network partner, Malta Enterprise. The company requested support with getting contacts in Cyprus, particularly regarding access to finance and funding schemes to help set-up an office on the third largest island in the Mediterranean. 

The choice of country was not random, but rather based on Cyprus’ resource pool, market potential and island mentality, similar to that of Malta. All these factors were important to the Eunoia team, aiding in the design of a blueprint for its subsequent expansion into other countries. 

Down to business

To help Eunoia begin its development trajectory, Malta Enterprise put the company in touch with another Network partner, Cyprus Chamber of Commerce and Industry (CCCI).  CCCI informed Eunoia about the country’s various attractive tax incentives and efficient migration regime for relocating executives and families. They then facilitated contact with the director of Invest Cyprus, the island’s investment promotion agency, and assisted Eunoia in initiating the due diligence procedures. 

"The advice and guidance we provided to the Maltese company was a comprehensive roadmap for establishing and growing a business in Cyprus," said CCCI senior officer Stalo Demosthenous.

By January 2024, Eunoia had successfully established an office in Nicosia and was looking into opening one in Limassol as well. Support is still ongoing. The company has sought assistance in hiring and training local talent in the fields of data engineering and AI. They are also exploring available funding opportunities.

Looking to the future

Eunoia’s expansion is already underway. "The company has embarked on a journey to quadruple its size in both economic and people terms," stated Alexia Pace Kiomall of Malta Enterprise. 

Eunoia’s CEO is aware that this is a huge task. "However, we are certain we can deliver due to our focused expertise. We want to recruit and train technical staff in Cyprus and expand to other countries in order to challenge the status quo and help organisations transform themselves faster with data and AI. This is our promise to the market," Farrugia concluded.