Tuesday 20 November 2018

Furlong's Pageant in €2.5m Boxever move

Boxever’s clients include a number of airlines such as Aer Lingus, Emirates and Air New Zealand
Boxever’s clients include a number of airlines such as Aer Lingus, Emirates and Air New Zealand
John Mulligan

John Mulligan

Businessman Nick Furlong's Pageant Holdings has ploughed €2.5m into Irish tech firm Boxever after ditching most of its stake in Dublin-based travel software group Datalex this year.

Mr Furlong's Pageant is a first-time investor in Boxever, whose systems help clients such as airlines collate data about customers, personalising interaction with them to provide an enhanced customer experience.

The company has raised a total of $8.2m (€7m) in the latest funding round.

Boxever's clients include a number of airlines such as Aer Lingus, Emirates and Air New Zealand.

Previous investors Polaris Partners and Frontline Ventures have contributed a combined $1.5m in the new funding round for Boxever.

Unnamed investors have stumped up another $4m via a Dublin-based trustee company.

Boxever was founded in 2011 by CEO Dave O'Flanagan, as well as executives Dermot O'Connor and Alan Giles.

It has raised about $26m since then, including $12m it secured in 2016 in a series B round. In 2014, it raised $6m.

The latest set of publicly-available accounts for Boxever show that it lost €2m in 2014, as it continued to develop and roll out its product.

Mr Furlong's investment in Boxever comes after he generated an attractive return from Datalex, whose customers are also primarily airlines.

Datalex's software helps carriers generate more revenue from ancillary services offered to passengers.

Billionaire financier Dermot Desmond owns almost 30pc of Datalex via his IIU investment vehicle.

Pageant Holdings acquired a significant number of shares in stock market-listed Datalex during the downturn.

In 2011, Pageant trebled its holding in Datalex to almost 8pc within the space of a few months. Shares in Datalex were changing hands at just 21 cent in April that year and at about 38 cent by October 2011.

Yesterday, shares in Datalex were trading at €3.45, giving it a market capitalisation of €265.3m.

Pageant now owns about 2.4pc of Datalex, having cut its stake this year from almost 12pc at the end of March.

Mr Furlong sold his video game distribution firm Pilton to DCC in 2005 for €42m. He also has a number of property investments.

Pageant Holdings has held investments in a number of companies in Ireland including Xtra-vision, One51 and Providence Resources.

In September, Pageant raised its stake in Tony O'Reilly's Providence to just under 10pc after the shares slumped on the back of disappointing drilling data.

Irish Independent

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