Desmond backs Niall Quinn's Q Sat
Billionaire financier Dermot Desmond has helped assemble a group of Irish and overseas investors who are backing Niall Quinn's satellite broadband business Q Sat in its expansion into East Africa.
The investors put about €740,000 into the company via a British Virgin Islands company called Maxillian SA last year, according to the Companies Office.
This seed money is now being used by Q Sat to explore exciting opportunities in East Africa, where in rural areas especially access to broad-band remains low.
Q Sat, which has opened an office in Kenya, is part of an Irish team seeking to develop broadband in Kenya and Uganda along with Altobridge, the Tralee-based communications technology company, as well as Intel, the global chip giant.
The identities of the individual investors in Q Sat's fundraising are not known.
Desmond did not return requests for comment. Quinn, a former international footballer and chairman of soccer club Sunderland, also declined to comment.