RealTime IT News

Irish Mobile Developer Secures US $7.5 Million

[London, ENGLAND] Mobile Internet developer Macalla Software, of Ireland, announced Friday it has secured US $7.5 million in second round financing to expand its operations worldwide.

Among the investors are The Reuters Greenhouse Fund, 3i Group and The Guinness Ulster Bank Equity Fund.

Norman Fiore, principal of The Reuters Greenhouse Fund, said that Macalla Software was establishing itself as a key international supplier of wireless technology to the financial services sector.

"Our strategy is to continue to build a portfolio of companies that together comprise a network of powerful knowledge and business synergies," said Fiore.

Neil Graham, investment director with 3i Group, spoke of Macalla's ability to recognize and capitalize on market opportunities. He said the 3i Group was fully behind Macalla's management team.

Macalla is launching the latest version of its Mobility product in the third quarter this year. Mobility provides financial applications and market data to WAP and other portable devices, enabling users to access accounts, check quotes, and make trades worldwide around the clock.

With offices in New York and London and headquarters in Dublin, Ireland, Macalla Software has already begun to market its products more aggressively. It is privately owned, one its investors being the Irish Government via the company development initiative Enterprise Ireland.

Michael Murphy, managing director of NCB Ventures, praised the Macalla management team very highly, saying it showed the company had the vision and products to stay at the forefront of the wireless revolution.

Leading the management team is Chief Executive Niall O'Cleirigh, who said the latest financing validated his company's business strategy and technology.

Applications for Macalla's products are not limited to finance, but include other areas such as online betting, airline operations, and B2B, B2C portals.