Kneat Solutions in €5.5m investment deal with Fortune Bay

Limerick-based software firm Kneat Solutions has signed a deal with Fortune Bay that will see the Canadian company invest €5.5 million and help create 30 jobs.

The deal, if approved by shareholders, will create a new listed Canadian software company under the Kneat name, with Kneat shareholders owning 68.7 per cent of the merged entity. Fortune Bay shareholders will own the remainder. It will be listed on the Toronto Stock Exchange.

Kneat chief executive Eddie Ryan will remain in his role, with the company's key operations located in Ireland.

Kneat, which provides software for the global life sciences, healthcare and other regulated industries, will create the jobs over the next two years, effectively doubling its current workforce.

Among the new jobs are software developers and testers and pharmaceutical process specialists.

“In acquiring access to increased financial resources and entry into a lucrative marketplace we can accelerate our international growth plans,” said Mr Ryan.

The agreement is part of the company’s five-year growth strategy.