Cubic Telecom, the Dublin-based global mobile connectivity business, has appointed KPMG Corporate Finance to help it raise between €10 million and €20 million in new financing.
“We’re looking to expand our operations in the US and Asia as well as Europe. We want to use the fundraising to build out our technical and business sales teams,” said Shane Sorohan, Cubic’s chief operating officer. The firm currently has 42 employees.
“Originally we planned to raise €10 million to help us expand, but the demand is such we are looking at up to €20 million,” he said.
Cubic has raised €16.8 million to date from domestic and international investors, namely Enterprise Ireland, Qualcomm Incorporated, Sierra Wireless, ACT Venture Capital and TPS Investments. Mr Sorohan said new investment was likely to come from both existing and new investors.
“We are looking at exit opportunities like an IPO or a private equity sale in the next two to three years,” Mr Sorohan said. He expects the new fundraising to close by the end of the first quarter of 2015.
A licensed mobile network operator, Cubic Telecom works with operators in 230 countries. Its partners include AT&T, China Unicom, Everything Everywhere, Sprint and Vodafone.
