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Published on: 8/24/2008
Last Visited: 8/24/2008
Todd Shingler, the firm's chief executive, would not disclose the exact amount raised, but said it was ‘‘more than a couple and less than ten [million]".
The funding round was led by the company's existing investors, Nauta Capital and Cross Atlantic Capital Partners.Shingler said a third investor had also contributed to the latest funding round.
Shingler said the funding would ‘‘see the firm through to profitability", something which he hoped the firm would achieve by early 2009.Prior to going into examinership, the company had raised about ,20 million from investors since it was set up in 2000.>
The company, which has developed a range of software products to put internet content on mobile phones, has also signed an exclusive reseller agreement with British firm Arqiva.Under the terms of the deal, Arqiva will distribute MobileAware's solutions to police authorities in Britain and Ireland.Shingler refused to comment on the exact value of the deal, but said it would generate significant revenues.
Shingler took over as chief executive of the firm in March and former chief executive Kevin McCloskey remains on the board of directors.
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Since taking over, Shingler has directed the firm through a shift in its focus.
He said the firm was now looking at a more rounded approach to its clients and was working with them on more bespoke solutions and the implementation of products, rather than just selling them software.
Aside from changing its business strategy since coming out of examinership, the company has also cut back some of its operations.The company has closed its offices in Asia, with Shingler saying a decision was taken ‘‘to refocus on specific geographies and solutions where we were strongest".He said that ‘‘we had a considerable business in Asia, but in the end, it didn't end up being a profitable business".
The company now employs about 40 people across its remaining offices in Ireland, the United States and Europe.Shingler said staff numbers had increased since the firm came out of examinership, with a number of hires made in recent months.
While he said there may be a few more recruits in coming months, he said the firm was the right size for current business volumes.He said the firm's revenue would not be in line with last year, but business was good and would ‘‘set us up well for next year".