Software firm Information Mosaic raises €4.1m funding
Dublin-based financial software firm Information Mosaic has raised €4.1m from backers including its founder, John Byrne.
Mr Byrne has injected €1.3m into the company, while Sweden's pension foundation, Seb-stiftelsen skandinaviska enskilda bankens pensionsstiftels (SEB) has stumped up slightly more than €2m.
Documents filed with the Companies Office in Dublin also reveal that the Jersey Islands-based arm of US-owned Janus Capital has invested €301,000.
A Swiss unit of Dublin-headquartered financial services firm KnowledgePoint invested €443,000 in Information Mosaic.
Information Mosaic bills itself as a post-trade software provider. Its solutions help to speed up the processing of data, helping firms to avoid missed notifications or deadlines, for example.
Its products also help companies to graphically analyse their business operations.
The company's software is primarily used by finance houses such as asset managers, wealth managers, custody services providers.
In August, Switzerland-based Mr Byrne stepped down as chief executive of the company to become non-executive vice chairman. Chairman Ulrich Kunz took on the role of interim CEO.
Mr Byrne founded Information Mosaic 16 years ago and built it into one of the leaders in its field. It now handles more than half of the world's corporate actions by volume.
It has over 60 institutional clients. Its most recent publicly available accounts show that Information Mosaic made a €7.4m loss in 2011, down from an €11.3m loss it made a year earlier.
The company said that following the downturn in its sector in 2010 it made a decision to focus on the development of Asian markets, investing in new product development and investment in a UK start-up.
Its turnover rose from €11.5m in 2010 to €20m in 2011.
A subsidiary of the company received a £5.3m (€6.3m) loan facility from SEB in 2011.
That was converted into equity at the end of 2011.