© 3Q Software Solutions Ltd. 2005

News -> 3Q in the News -> $80m Investment in Six Months Tech firms see $80m Investment in Six Months 22/06/03 - By Gavin Daly More than €80 million ($93.25 million) has been invested in 27 Irish technology companies so far this year, according to the latest figures. The total includes the $12 million investment in mobile software firm Network 365 and the $5 million investment in chip solutions company Amphion last week. Just three companies - Network365,Corvil Networks and Aepona - have raised rounds of more than €10 million ($11.65 million) so far this year. All three companies make software for the mobile or telecoms sectors. The figures from finance house Ion Equity catalogue €78.5 million ($91.5 million) in known investments. However, two companies - 3Q Solutions and NewSymphony Technologies - have received undisclosed investments. Other companies have not publicised internal funding rounds.Mobile software developer Mobileaware and electronic equipment maker Magnetic Solutions are expected to close funding rounds in the coming weeks. The Ion figures show investments so far this year are down from the €96.1 million ($112 million) invested in tech firms in the first half of last year. Neil O'Leary, the chief executive of Ion Equity, said investments were continuing to happen, but valuations for companies were poor. "No one is getting the benefit of the doubt any more," he said. O'Leary said investors were looking for companies that were frugal on costs, but had global ambitions. Both Network365 and Amphion fell into the category, he said, and their funding rounds were oversubscribed by potential investors. Ion Equity advised both Network365 and Amphion on their funding rounds, and has also advised Corvil, Am-Beo and LeT. International investors, such as Apax Partners, Advent Partners, Amadeus Capital and Intel Capital continue to feature strongly in Irish investments. Karl SchĎtte of Trinity Venture Capital,which re-invested in Network365 last week, said the Dublin funder was in "active investment mode". "We are seeing a number of deals at the moment," he said. "The deal-flow has lifted recently." He said Trinity invested in Network365 at an early stage because of the expertise and track record of the company's founders. "They had proven they could offer an exit for investors and partners." "In the last 12-18 months, they have demonstrated very strong performance and are leading the whole sector," he said. Last week's $12 million funding was a "top-up that will give them fuel to deliver," according to Schutte. The total includes the $12 million investment in mobile software firm Network 365 and the $5 million investment in chip solutions company Amphion last week. Just three companies - Network365,Corvil Networks and Aepona - have raised rounds of more than €10 million ($11.65 million) so far this year. All three companies make software for the mobile or telecoms sectors. The figures from finance house Ion Equity catalogue €78.5 million ($91.5 million) in known investments. However, two companies - 3Q Solutions and NewSymphony Technologies - have received undisclosed investments. Other companies have not publicised internal funding rounds.Mobile software developer Mobileaware and electronic equipment maker Magnetic Solutions are expected to close funding rounds in the coming weeks. The Ion figures show investments so far this year are down from the €96.1 million ($112 million) invested in tech firms in the first half of last year. Neil O'Leary, the chief executive of Ion Equity, said investments were continuing to happen, but valuations for companies were poor. "No one is getting the benefit of the doubt any more," he said. O'Leary said investors were looking for companies that were frugal on costs, but had global ambitions. Both Network365 and Amphion fell into the category, he said, and their funding rounds were oversubscribed by potential investors. Ion Equity advised both Network365 and Amphion on their funding rounds, and has also advised Corvil, Am-Beo and LeT. International investors, such as Apax Partners, Advent Partners, Amadeus Capital and Intel Capital continue to feature strongly in Irish investments. Karl SchĎtte of Trinity Venture Capital,which re-invested in Network365 last week, said the Dublin funder was in "active investment mode". "We are seeing a number of deals at the moment," he said. "The deal-flow has lifted recently." He said Trinity invested in Network365 at an early stage because of the expertise and track record of the company's founders. "They had proven they could offer an exit for investors and partners." "In the last 12-18 months, they have demonstrated very strong performance and are leading the whole sector," he said. Last week's $12 million funding was a "top-up that will give them fuel to deliver," according to Schutte.