The Irish-based developer of middle and back office solutions for the securities industry Information Mosaic has raised €4.5m in equity capital from investors that include the pension funds division of Swedish bank SEB AB.
Information Mosaic is owned 30pc by SEB and 65pc owned by employees, with the remaining shareholding held by smaller investors.
The company’s patented products Converge-e and CAMA are targeted at niche international growth markets worth an estimated US$2bn.
The company was established in 1997 and focused on wealth management. However, when the global technology downturn struck in 2001, the company developed a new strategy for the changed business market.
“As major financial institutions have refocused their strategies, so too have we”, explained Information Mosaic’s managing director, John Byrne. “We have a unique market offering, which is highly competitive providing some of the world’s leading financial institutions with solutions to highly complex financial risk issues. Many leading global custodians and international investment managers are increasingly re-engineering or outsourcing their middle and back office. In response, as leaders in this emerging market we have developed middle and back office solutions capable of offering outsourcing large parts of the securities business.”
Information Mosaic’s customers include SEB, Royal Bank of Canada, Citigroup, Rabobank and Brown Brothers Harriman, the oldest investment bank in the US.
Byrne continued: “We look forward to growing and developing our business further from a strong base. The opportunities are exciting as we have a leadership position in our products with global market potential. Our focus in the short term is on delivering major contracts that are global.
“Allied to that, our business model will ensure strong recurring revenue streams and we are already seeing strong deal flow following our refocus. The funding we have received combined with new business developments will ensure that we have resources to maintain our leadership position in this market,” Byrne said.
By John Kennedy
