INVESTMENT
Two tech companies get USD10m boost
07-02-2001
by
Investments worth around USD 10m have been made in two Irish tech companies - Accelerated Encryption Processing (AEP) and Aran Technologies.
Both announcements were made as part of SummIT 2001, the technology conference organised by Goodbody Stockbrokers where 35 firms are meeting up with global and Irish venture capital companies.
Aran Technologies, the telecoms networks company, is to receive USD 5 million from Cross Atlantic Capital Partners (XACP), a venture capital management firm focussing on second round investment in the Irish technology sector. The latest investment values the company at around USD50 million.
Aran Technologies develop software intellectual property targeting the emerging 3G mobile telephone market and licenses the technology to network operators and telecom suppliers.
The company will use the extra funding to globalise its sales division and further develop its software intellectual property to become a leading supplier of solutions for the 3G wireless infrastructure market.
XACP said it chose to fund Aran Technologies because it combined innovative technology development with a capable and proven management team operating in a high growth market.
Formed in 1999 by Brendan McDonagh and Tom Morrisroe, Aran Technologies now employs more than 55 people, the majority being system and software designers.
The company has strong relationships with Ericsson, who are also strategic investors, while another key investor is Bill McCabe of SmartForce.
Meanwhile, Intel Capital has invested USD5 million in the Dublin encryption software company, Accelerated Encryption Processing.
The latest investment in AEP comes on top of earlier investment secured last year from Merrion Capital and Denis O'Brien's Island Capital.
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