Piercom, the Limerick-based software group which has developed systems to combat the Year 2000 problem, is shaping up for a stock market listing after raising £3.5 million in a private placing with institutional investors. The placing through NCB Corporate Finance values Piercom at £16.5 million.
Piercom spokesman Mr Bill Hennebry said no decision had been taken on a flotation by the company, but the situation would be reviewed in late 1998 or early 1999. He said if a decision was taken to go public, a dual listing on the Developing Companies Market in Dublin and the Alternative Investment Market in London was the most likely option.
Mr Hennebry would not say how many institutions were involved in the £3.5 million placing, but it is understood that venture capital group ACT is the biggest shareholder with around 30 per cent. Other shareholders include Shannon Development, the University of Limerick, Cullinet Systems founder Mr John Cullinane and International Business Group, an American specialist technology investment fund.
Piercom was founded in 1994 by Mr Charles Stanley-Smith, who is now chief technical officer with the company, and Prof Tony Cahill to develop and commercialise software tools developed at the University of Limerick.
The company's technology is designed to address the Year 2000 problems and also the conversion to the euro.
The company currently employs 50 people and plans to recruit a further 20 over the next six months. These extra staff will be mainly involved in international sales and Piercom, which already has an office in Washington, plans to open other international sales offices over the next year.
