Business Irish

Saturday 18 November 2017

O Maidin increases stake in Nearform

Nearform is based in Tramore in Co Waterford
Nearform is based in Tramore in Co Waterford
Gavin McLoughlin

Gavin McLoughlin

The chief executive of Tramore-based software company Nearform has reached a deal to increase his stake in the business.

Cian O Maidin is buying shares from a number of other shareholders in a deal that will be funded by Nearform itself.

"The availability of the funding is important to secure both the company's short-term viability and long-term profitability and is in the best interests of the company's shareholders and employees," according to documents filed recently at the Companies Registration Office by Nearform.

The company is a specialist in Node.js, a technology that enables businesses to build big software systems more quickly.

In an interview with the Sunday Independent in January of last year, O Maidin said the company was looking to add as many as 70 staff.

"We're on a trajectory now to at least double or triple our business this year. That's kind of where we're heading," he said.

He explained that he had decided to keep the business in the southeast, despite acknowledging: "Life would have been easier if we had moved to the States."

O Maidin added: "We decided not to do that, we decided to stay local and make it work from here.

"What's great by doing that is that you find there's a lot of smart people in the southeast of Ireland - and also people maybe who formerly lived in the southeast who want to move back.

"When you get a company like ourselves, who are working on interesting things and quite cutting-edge stuff, when you can have the lifestyle of living in a seaside town... it's kind of like a hidden gem down in the southeast."

Sunday Indo Business

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