The Dublin-based software company, Cognotec, has appointed Mr Ivan Mulcahy as its new managing director. Mr Mulcahy was previously managing director of Reuters nordic operations and will be now be based in Cognotec's London office.

The company supplies foreign exchange and money market automated dealing software and has several leading banks as clients.

According to the company, Mr Mulcahy's "objective is to match the challenging sales revenue growth rate of 50 per cent that has been set over the last four years".