Datalex Communications, the supplier of PC-based communications solutions to the airline industry, announced yesterday that it had raised £4 million in an equity financing led by ICC Venture Capital, International Investment Underwriters (IIU) which is owned by Mr Dermot Desmond, Forbairt and directors of the company. The managing director, Mr Neil Wilson, said yesterday that the 13year-old company's valuation now stood at over £20 million.

ICC Venture Capital invested £2 million, and IUU, £1.5 million, while a total of about £600,000 was put up by non-executive directors including Mr Tierney.

Mr Wilson added that Forbairt had availed of an option to convert an early investment of £80,000 into 5 per cent of the company's ordinary share capital. The investment is to enable Datalex, which has provided communications solutions for about 25,000 travel agents worldwide, according to Mr Wilson, to expand within the US and in the Far East.

Datalex employs 40 people in its research & development facility in Dublin and in its US offices in Denver.