Business Irish

Wednesday 12 December 2018

IT giant Compuware pays $20m for SteelTrace

AMERICAN IT services giant Compuware Corporation has acquired Irish-owned software tools firm SteelTrace for $20m (?16.3m) in cash. Trinity Venture Capital, Enterprise Ireland, Netdecisions and employees including founder and chief technology officer Fergal McGovern and chief executive Bernie Cullinan are the company's major shareholders.

Tom

Lyons

AMERICAN IT services giant Compuware Corporation has acquired Irish-owned software tools firm SteelTrace for $20m (?16.3m) in cash.

Trinity Venture Capital, Enterprise Ireland, Netdecisions and employees including founder and chief technology officer Fergal McGovern and chief executive Bernie Cullinan are the company's major shareholders.

The company declined yesterday to reveal the exact breakdown of shareholdings.

Founded six years ago, the company had taken in venture capital of between ?3m and ?4m.

It showed a retained loss of ?5.6m in its accounts to the end of March 2005.

Compuware employs 8,000 staff and had revenues of $1.2bn in 2005.

John Williams, senior vice-president with Compuware,said: "The addition of SteelTrace to the Compuware family of application delivery management solutions will allow us to help organisations more effectively collaborate with their business customers and deliver better applications, faster.

"This transaction represents the natural progression of our long-term relationship with Compuware," Mr McGovern said.

Gavin Burke of Trinity Venture Capital, which in January was involved in the sale of Similarity Systems for ?45.5m, said: "The price being paid matches the stage the company is at."

Mr Burke said SteelTrace had a strong combination of management and products.

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