IRISH investors can now buy into a Business Expansion Scheme (BES) fund dedicated solely to the burgeoning software industry, the ICC Bank said yesterday. There will be no cap on the fund's market value.
The ICC BES Software Fund, thought to be the first BES fund to concentrate on this fast-growing sector of the computer business, would raise up to £2 million, the bank said. Fund managers will target as many as eight emerging software companies which they believe have the potential for expansion and development.
"This is a new departure for us," said Mr Jim Rourke, managing director of ICC BES Managers. "While the new fund's investments are likely to have a higher risk than those of our previous BES funds, there will be no built-in limit to gains made," he added.
"This can lead to higher returns for investors. We feel that the fund, offering tax relief and a spread of risk, is an ideal way for investors to get involved with emerging companies in this exciting sector," Mr Rourke continued.
Two of the software companies have already been identified - Eon Technologies and Oniva Ltd.
Eon specialises in Internet services and object technology and was the first Irish company to launch an electronic banking product on the Internet. It employs 15 people in Dublin.
Oniva, a multi-media software developer, specialises in the design and production of sales and marketing tools for the corporate sector.
The new fund is being launched now to meet the November 1st deadline for preliminary tax returns. The minimum amount that can be invested is £2,000, and the closing date is December 16th.
