The acquisition of SETU spin-out company Structure101 by the Swiss-based company Sonar, a global leader in code quality and security tools, could not have been achieved without early support from the University.
That's according to Chris Chedgey, Co-founder of Waterford-based Structure101, which helps developers improve efficiency by organising their source files into a ‘software architecture’. Structure101 was acquired by Sonar, a company trusted by over seven million developers and 400,000 organisations worldwide.
Reflecting on the company’s journey, Chedgey credits SETU’s two-stage support for laying the foundation for its success. Before founding Structure101, he spent a decade working on high-profile projects, including defining software development processes for the International Space Station and overhauling the Canadian Armed Forces’ communications systems. However, it was his frustration with the lack of large-scale modularity in the software industry that drove him to start his own venture.
In the early 2,000s, during the dot-com boom, Chedgey returned to Waterford and launched Headway Software with the goal of addressing this gap in the market. “I had a vision for a much-needed technology for developers, and the first step was returning home to Waterford to build a company,” he explains. He became involved in the University’s New Frontiers programme, which was led by Frank McCarthy at the time. “It was fantastic. The programme helped refine the business concept, and a year later, Brendan O'Reilly came on board as my first business partner.”
Headway Software successfully attracted significant venture capital and private investment, employing around a dozen people in Waterford. However, despite its early promise, the company struggled to turn a profit quickly enough and was eventually wound down by investors.
Put simply, it wouldn’t have happened without SETU’s support. I encourage anyone with a business idea to take full advantage of the resources and supports available at SETU, New Frontiers, and Walton. Their support was invaluable to the success of my company and can be for yours too.
Chris Chedgey, Co-founder of Structure101
Support
Undeterred, Chedgey, along with Paul Hickey and Ian Sutton, co-founded Structure101, focusing on simplifying software development projects using advanced visualisation techniques. They acquired the intellectual property and assets from Headway Software and approached SETU’s Telecommunications Software & Systems Group (TSSG), now known as the Walton Institute, for further support. TSSG quickly saw the potential in their idea and within a year, the duo secured a Commercialisation Fund (CF) grant from Enterprise Ireland.
“With TSSG’s support we used that time to refine our technology, develop new ideas and create a better product. We also adopted a self-sustaining business model, allowing us to grow without the need for a large salesforce or significant outside investment. By 2007, we spun back out of TSSG and have been a self-funded business ever since,” Chedgey says.
For two decades, Structure101 remained a small team of about 10 people, intensely focused on research and development. Without a dedicated marketing or sales arm, they concentrated on building a product that would appeal to the right buyer. “For 20 years, we focused on building unique technology and products that aligned with our vision. Last year, we began exploring potential buyers, from established giants to newer, innovative companies. Ultimately, we had developed our intellectual property into something highly valuable, which led to our successful sale to Sonar,” Chris says.
Sonar is the leading code quality and security solution provider, ensuring all code (human-written or AI-generated) is fit for development and production. Chris describes the acquisition as a major achievement for Structure101. “This is a significant investment by Sonar into design and architecture and a huge milestone for us. None of this would have been possible without the vital support we received from SETU at the beginning. Put simply, it wouldn’t have happened without SETU’s support. I encourage anyone with a business idea to take full advantage of the resources and supports available at SETU, New Frontiers, and Walton. Their support was invaluable to the success of my company and can be for yours too.”
For more information about the acquisition see Sonar’s website by clicking here.