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July 24, 2006
Irish FX software company buys itself back from VC - touts quick growth
Foreign exchange trading platform vendor, Cognotec, was in the news in Ireland this weeked. Its founder bought his firm back from venture backer Softbank -- at a much lower price than the Japanese company paid for its stakes acquired in 1999 and 2000, reports Times Online.
The report suggests that the deal takes place just as the firm returns to profitability after several years of losses due to investment in product development.
The current valuation of Cognotec is $33M, according to the same source, which also reports Cognotec's operating profit at $3.7M on annual revenues of $28.1M last year.
Read - SoftBank takes €32m hit as it abandons Cognotec (times online)
Read - London is top global centre for foreign exchange and Ireland's Cognotec is a global leader in FX e-commerce (finfacts)
Posted on July 24, 2006 05:19 AM | Posted to Specialized Software | Venture Capital | eCommerce | Permalink
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