CR2 Group, an Irish-based developer of financial services software, announced $7.5 million (€8.4 million) in new investment yesterday and appointed Iona chairman Dr Chris Horn to its board of directors.

Existing investors in CR2 - including the Belgian group GIMV, NIB Capital and Act Venture Capital - took part in the funding round which values CR2's business at $35 million.

CR2 said the investment would be used to fund ongoing software development and business expansion for profitability.