Eurologic Systems, the Dublin-based developer of data storage systems expects to have a market value of $100$150 million (£70-£110 million) when it floats on the Nasdaq and Dublin stock markets next year, Eurologic founder and chief executive, Mr John Maybury, has stated.

Mr Maybury was speaking after the group announced that it had raised $10.6 million from Irish and overseas investors in a private placing through NationsBanc Montgomery Securities and ABN AMRO Corporate Finance (Ireland). Mr Maybury declined to disclose how much of Eurologic the investing institutions would hold, but it is understood to be in the order of 15 per cent. Most of the shares are held by Eurologic's management although it is understood that Forbairt also has a small stake. Eurologic develops and markets a range of data storage solutions and components which address the performance and capacity requirements of the multi-user market. It employs 136 people and is based in a new 31,000 sq ft facility in the Clonshaugh Industrial Estate in Dublin. It also has offices in Boston and Colorado Springs.