Public sector contracts, or public tenders, are worth an estimated €12 billion, but just one in ten Irish SMEs win those tenders.

Businessman Tony Corrigan is launching a new company today called TenderScout. The company's aim is to help those small and medium enterprises get a bigger share of those contracts.

TenderScout is an online platform and companies that used the service in its pre-launch phase improved their success rates from 10% to 80%.

It has secured a grant of €15,000 from Enterprise Ireland's New Frontiers programme.

The company said it will translate complex public procurement data in to clear, comparable and useful information for Irish SMEs.

It assess the chances of winning tenders after interviewing companies, policy and advisory organisations, procurement specialists and buyers. The findings are then analysed to help clients find tender opportunities that meet specified tender criteria, including the finding of possible partners to strengthen a company's bid.