LOSSES AT Cork software company Qumas rose to $6.2 million (€4.7 million) in 2006 from $1.9 million, as staff rose 65 per cent and turnover fell slightly, according to accounts just filed.
This brought retained losses at the firm, whose software is used by companies to comply with various regulations, to $11.9 million at the end of 2006. The company raised $6.5 million in funding from two existing investors in February 2007, according to the accounts.
Turnover fell 3 per cent to $8.3 million in 2006, while staff costs rose to $9.4 million from $5.7 million as the number of employees increased to 103 from 72. Directors' remuneration fell to $229,000 from $327,000.
Clients of Qumas include life science companies and companies in the financial sector, including Fidelity Investments, Bank of America and Goldman Sachs.
Qumas's shareholders include its founder and chairman Paul Hands, chief executive Kevin O'Leary, venture capital firms ACT and Delta Management Partners, private equity company Fidelty Ventures, Bank of Ireland and AIB, according to the accounts.
