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Softbank Ups Share in Ireland's Cognotec

Japan's top Internet company Softbank Group Monday increased its shareholding in Irish e-commerce company Cognotec.

From an original holding of 10 per cent, acquired in October of last year, Softbank has gained another 7 per cent for an additional investment of $20 million.

"The last few months have demonstrated how Cognotec's leading position in the automated dealing market has hastened the international banking community's acceptance of Web-based trading," claimed Brian Maccaba, chairman of Cognotec.

Maccaba said Cognotec would continue to draw on Softbank Group's expertise in the e-commerce market.

Cognotec has developed an Internet technology-based trading service named AutoDeal LITE, which it wants to be the trading model of the future for global foreign exchange dealers.

A Web-based service, AutoDeal LITE enhances the trading abilities of dealers. Over 30 banks have already adopted it, says Cognotec.

A partner with Cognotec in FOREXBANK which enables financial institutions to offer own-brand Internet trading services in Japan and Korea, Softbank Group has extensive Internet interests.

Apart from Yahoo! Japan and E*Trade Japan, Softbank Group has shareholdings in Morningstar Japan, InsWeb insurance, E*Loan and OnSale. Yahoo! Japan made news last week when its stock broke the 100 million yen share trading mark in Tokyo.

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