Irish Internet investor and businessman, Mr Pat McDonagh, has taken an estimated 20 per cent stake in private Dublin-based company, The Bromley Group. He will now take up the role of executive chairman with the company.

The Bromley Group has just raised $2 million (€2.03 million) in private funding, the bulk of which came from Mr McDonagh, while around 5 per cent has been provided by Enterprise Ireland and a number of smaller private investors. The remainder of The Bromley Group is held by founder and managing director, Mr Matthew Maxwell.

The company specialises in business intelligence products, and was founded in 1994. It currently employs 30 people at its Merchant's Quay premises, but Mr Maxwell expects this number to grow to 100 people within the next three years.

It is likely the Bromley Group will seek to raise around $20 million in additional funding at the end of this year, and in the longer term, Mr Maxwell says, the company may seek a Nasdaq listing by 2002.