Business Irish

Sunday 19 November 2017

Openet's Cuccio joins XG ahead of flotation

The chairman of Dublin-based telecoms software firm Openet, Gary Cuccio, is joining the board of US group XG Technology as it gears up for a Nasdaq flotation this week.

Mr Cuccio is one of a number of new directors joining the XG Technology board as it seeks to raise about $11.5m (€8.8m) in what will be a secondary listing for the wireless communications technology firm. It is already listed on London's Alternative Investment Market and will list on the Nasdaq small cap market.

XG targets solutions to optimise wireless spectrum usage. Its target market includes commercial firms such as mobile operators, as well as military clients. The company, headquartered in Florida and employing 70, did not generate any revenue in the past financial year and posted a $13.8m (€10.5m) net loss. That came on top of a $15.6m net loss the year before.

Openet has been eyeing a US stock market flotation for the past couple of years.

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