A Reid Street office building has been renamed Innovation House after it was sold last year.

The building, previously known as Ram Re House, will house technology company Fireminds and meet the expansion needs of insurance firm Freisenbruch-Meyer Group.

Innovation Ltd, whose directors are Michael Branco, chief executive officer of Fireminds, and Michael Freisenbruch, president of Freisenbruch-Meyer Group, took over the building in December.

Innovation House has attracted new tenants since the building was purchased and has 80 per cent occupancy, with space available on the first floor, a statement from the owners said.

Mr. Freisenbruch said: “Michael and I have had opportunities to work on many projects together over the years. As we had a mutual need to find a solution for our growing companies an investment in commercial real estate made the most sense.

“For me, it was important to stay close to our Front Street office. Michael and I both feel confident in the Bermuda market, with the continued business growth that is taking place.”

Fireminds is an expending software development and cloud solutions company that employs more than 20 people in Bermuda and 43 globally.

Mr Branco said: “It was a great opportunity to invest in commercial real-estate and do so with a great business partner.

“Innovation House has multiple telecommunication access providers, a generator and UPS, which results in the redundancy and resiliency that tenants appreciate and the perfect location for Fireminds’ headquarters and network operations centre.”