Wednesday 20 September 2017

McCabe and Hobbs pump cash into software firm FieldAware after €16m losses

 

'FieldAware said it considered just over €5m had been paid to it for those shares.' (stock image)
'FieldAware said it considered just over €5m had been paid to it for those shares.' (stock image)
Gavin McLoughlin

Gavin McLoughlin

Irish software business FieldAware raised almost €3m from investors, including Bill McCabe's Oyster Capital and former Enterprise Ireland executive Walter Hobbs.

Details of the transaction are revealed in documents recently filed at the Companies Registration Office (CRO). They show the company also issued additional shares to Hobbs, Oyster and others on foot of the conversion of a loan note.

FieldAware said it considered just over €5m had been paid to it for those shares. The transactions took place in December 2016.

The company did not respond to a request for comment on the transaction from the Sunday Independent.

FieldAware's most recent accounts, covering the year to the end of 2015, show it had racked up accumulated losses of more than €16m, up from €3.5m the previous year.

The accounts statement says: "The directors have considered the budgeted cash flows for the company and, taking into account further equity funding of US$8m received in December 2016, are satisfied that the company will be in a position to discharge its liabilities as they fall due for the next 12 months. Accordingly, the financial statements are prepared on the going concern basis."

The company makes software that enables firms to communicate more effectively with so-called field workers like postmen or builders.

Dublin venture capital house Atlantic Bridge has a stake in the business.

So too does Chinese sovereign wealth fund the China Investment Corporation (CIC) whose holding comes via its interest in the China Ireland Technology Growth Capital fund it established in 2014 with the National Pensions Reserve Fund. The assets of the fund are now part of the Ireland Strategic Investment Fund.

US venture capital firm Openview Partners has also invested money in the business. FieldAware announced in June that it had appointed Steve Wellen as its new chief executive.

Sunday Indo Business

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