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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