Norkom's €3m funding boosts its confidence

Norkom, the Dublin-based firm that specialises in developing software to analyse data for companies, is closing a €3 million funding round from investors.

Chief executive Mr Paul Kerley said both staff and shareholders believed the company had a strong future following a successful restructuring at the group in July.

"Combined with our restructuring programme announced in July, this new funding will provide us with sufficient working capital to carry us through adverse market conditions for the next 18 to 24 months," he said.

The funding has been raised primarily from existing Norkom investors that includes Trinity Venture Capital, Island Capital, Goodbody Stockbrokers, Enterprise Ireland and AIB IT Fund.

The company said it had a significant amount of new deals in the pipeline. It added that because of tough market conditions, however, there had been a longer delay than usual in closing many of these deals.

Mr Kerley said he expected Norkom to return to profitability in the next three months. However, he added all technology companies faced "uncertain sales cycles" in the current environment.

"We are taking a prudent and conservative view of the market going forward and, in this venture capital round, we are making sure that we have plenty of funding to secure us in the long term," he said.

Norkom was established in 1998 and specialises in analytical applications for customer relationship management, anti-money laundering and fraud management.

The company has previously attracted €37.5 million in funding from some of the Republic's best-known business figures including Mr Denis O'Brien and Mr Fran Rooney, former chief executive of Baltimore Technologies.

Independent News & Media also took a stake in the firm in July 2000.