SOFTWARE FIRM MobileAware has emerged from examinership having come to a scheme of arrangement with its creditors, including the Revenue Commissioners.
Nauta Capital, the Spanish-American venture capital firm, is now the largest shareholder in the company. Cross Atlantic Partners and an unnamed private investor also have a small stake.
The investors backed a funding round for MobileAware which CEO Todd Shingler said had been "oversubscribed". Mr Shingler said the funding would see MobileAware through to a profitable position in the second half of the year.
Mr Shingler took over as chief executive from Kevin McCloskey, who resigned just before the company went into examinership.
The company has slimmed down to a staff of 40 and is now debt-free. It also closed its Asia office.
MobileAware provides software which enables employees and customers to access "self-service" applications, such as airline check-in, from their mobile phones.
Software industry observers were surprised when an examiner was appointed last January as the firm was believed to have had revenues of over €7 million last year.
Last summer Mr Shingler said MobileAware received an unsolicited offer from a "Nasdaq quoted company" to acquire the firm. Sources close to the company said that the buyer was BEA Systems.
The deal fell through because the acquiring company was itself taken over by a larger rival. This left MobileAware with a cash-flow problem which resulted in an examiner being appointed.
