Hush on target for 2002 float
THE chief executive of Hush Communications said this weekend he hoped to sell or float the company once it reaches its target of becoming profitable in the fourth quarter of next year.
John Matonis also said Hush Communications expected to employ about 200 people in Ireland by the fourth quarter of 2002.
Mr Matonis said Hush was proceeding with plans to raise $25m from venture capitalists despite the recent jitters in technology markets.
The company has appointed IBI Corporate Finance to raise the funds from investors in the UK and Ireland. The funds will be used to develop three worldwide data centres one in Dublin, one in Canada and one in Asia. Hush Communications currently employs 55 people worldwide, 45 of them in Ireland. The company, set up two years ago, moved its operations from the US to Ireland last year to get around a US embargo on exporting encryption software and because it considered the Irish tax regime to be attractive.
Mr Matonis said he considered his firm was slightly insulated from the crisis that hit a number of Irish technology firms last week, notably the collapse of Ebeon and lay-offs at a number of other web-based companies.
He noted that many of the technology companies experiencing difficulties were operating "in the new media space," whereas Hush Communications is operating "in the infrastructure security space."
Hush Communications makes software that promises to make the transmission of web-based email secure.