Draper Esprit's stake in French firm worth €8.6m
Draper Esprit, the stock market-listed venture capital fund that's backed by the Irish State, is set to generate a sizeable return on its investment in Qosmos, a French tech company that is being sold for €53m.
Draper Esprit, which floated on the stock markets in Dublin and London during the summer, has a stake in Qosmos that was valued at £4.9m on Draper Esprit's books.
Under the terms of Qosmos's sale to Swedish firm ENEL, Draper Esprit's stake will be worth up to €8.6m.
Qosmos develops and sells network intelligence software that is used by clients including mobile technology firms and network security providers.
In 2011, Qosmos closed a €20m fundraising, which was co-led by Draper Esprit and other investors. That deal was a combination of primary equity and debt, plus a secondary purchase of the stake owned by a former investor.
Draper Esprit chief executive Simon Cook said the firm had "achieved much" since its flotation, including its exit from Irish tech firm Movidius, which was sold to Intel last month for an estimated €355m.
Mr Cook said Draper Esprit's net asset value is showing "strong progression". Yesterday, the firm also announced the appointment of a new chief financial officer, Benjamin Wilkinson.
The company, whose partners include Irish VC guru Brian Caulfield, raised €102m from its stock market flotation. It listed on Dublin's Enterprise Securities Market and London's Alternative Investment Market.
Its key investors include the Ireland Strategic Investment Fund, UK-based investment managers Woodford Investment Management and Baillie Gifford, and China Huarong International Holdings.