A Waterford-based tech company has signed a deal with global information services giant Bloomberg which could see it expand significantly in the future.

The company, Kyckr, has signed a three-year deal with Bloomberg.

Kyckr is based in Arclabs in Waterford and currently employs 18 people.

It is due to expand to more than 30 employees by the end of the year.

The value of the deal with Bloomberg has not been disclosed but the company, which floated last year, also has offices in Australia.

The deal means Kyckr will provide access to business registry data for Bloomberg customers, which includes big banks in the United States and elsewhere.

The company is involved in technology which enables banks and other companies to properly identify the customers they are supporting with the aim of weeding out illegal activities.

Kyckr uses what is known as "Blockchain technology" to help banks and other customers meet their obligations under so-called Know Your Customer (KYC) rules, which are designed to prevent the funding of terrorism and tackle money laundering.