Network365, a Wicklow-based firm which develops technology for mobile phone companies, lost €4.3 million during 2001, significantly more than the €1.3 million reported lost in the previous year, writes Jamie Smyth
The firm, which was founded by Sri Lankan entrepreneur Mr Raomal Perera, had cash reserves of €10.2 million at December 31st, 2001, following a €15 million fundraising in December 2000.
This fundraising brought on board Amadeus Capital Partners, a venture capital firm targeting the UK and continental Europe, Trinity Venture Capital, and the Japanese venture group, Jafco.
The firm's annual return, seen by The Irish Times, discloses that several prominent tech entrepreneurs are stakeholders - including Mr Barry Maloney, former managing director of Esat Digifone, and Mr Paddy Holohan, a former executive of Baltimore Technologies. Both of these individuals are understood to have invested at an early stage in the company.
Network365's accounts filed with the Companies Registration Office do not give a figure for turnover, claiming exemption under Section 10 to 12 of the Companies (Amendment) Act 1986 because it is a small company. But the financial results show the firm is owed €1.1 million by a subsidiary, Network365 International Limited.
Network365 develops software that enables mobile firms to conduct mobile transactions and payments, an area that particularly interests firm such as Hong Kong-based firm Hutchison Whampoa.
This year, Network365 signed one of its biggest deals to date with 3, Hutchison's third-generation mobile phone subsidiary. The Irish firm will supply 3 with its secure mobile payment platform, which is called mzone avatar. This will enable their customers to make payments from their 3G device using a variety of options.
Mr Perera, founder and chief executive of Network365, was recently selected to join an elite group of technology pioneers at the World Economic Forum.
The forum will involve 40 technology leaders working on its programme on public and private sector initiatives. Its pioneers programme was set up in partnership with Deloitte Touche Tohmatsu in 2000.
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