Norkom to float today

26 Jun 2006

Dublin software firm Norkom will today raise €30m in a flotation on the Dublin IEX and the London AIM market. The firm, which in 2000 was forced to abandon flotation plans, will be valued at around €100m.

Founded in 1998, Norkom became one of the fastest-growing Irish software firms during the technology boom, focusing on business intelligence. The tech downturn impacted Norkom, however, forcing it to abandon its flotation plans and slash its workforce from 230 to 70.

Following the downturn, it has successfully reoriented itself towards the burgeoning compliance and risk-management market. Its software helps to detect fraud and is used by some of Europe’s top financial institutions, including HSBC, Standard Chartered and Fortis Bank, as well as Canada’s Royal Bank of Montreal.

Today the company employs 140 people and recently recorded an operating profit of €3.4m and forecast a profit of €4m by year end.

The company will be advised in today’s float by Goodbody Stockbrokers.

It is understood that the company’s largest shareholder is Trinity Venture Capital Group, which has a 37pc share of the company. The company’s founder Paul Kerley owns 10.1pc stake in the company. Other shareholders include Denis O’Brien and Gavin O’Reilly.

By John Kennedy