Iona Technologies director Mr Annrai O'Toole has sold 37,500 shares in the company at prices between $43.72 (€50.48) and $44.82, realising up to $1,680,750. Mr O'Toole still holds more than 1.5 million shares or 6.7 per cent of ordinary shares in the company.

This is the second time this year and the fifth time since Iona's 1997 flotation that Mr O'Toole has sold sizeable volumes of Iona shares.