Wednesday 23 May 2018

Big Red Cloud eyes €2.5m equity raise

Marc O'Dwyer of Big Red Cloud
Marc O'Dwyer of Big Red Cloud

Paul O'Donoghue

Irish accounting software company Big Red Cloud is in advanced talks to raise €2.5m in equity following its pulled IPO last year, its chief executive has said.

The Dublin-based company targets startups and small and medium enterprises with software that allows them to easier manage their accounts and payments services.

Big Red Cloud announced its intention to list on the junior markets in both Dublin and London in May 2014. The placing aimed to raise €5m.

It was reported that this would have valued the firm at about €20m.

However these plans were shelved, with CEO Marc O'Dwyer citing volatile market conditions. The company is now looking at an equity raise instead.

"We have held advanced talks [and] within the next quarter we would hope to have funding in place," Mr O'Dwyer said. "We are [also] looking at acquisitions of up to €1m in the UK or Ireland."

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