Eontec raises $25m in second funding round

Dublin-based banking software company Eontec has raised $25 million (€28.4 million) from a team led by IT venture capital firm Warburg Pincus and including ICC Venture Capital, Mr Denis O'Brien, Eontec chief executive Mr Jim Callan and a number of other Eontec directors.

This is the firm's second round of funding; it raised $10.4 million in April 2000.

"Our focus has always been to identify innovative technologies and build sustainable companies," said Mr Bill Janeway, vice-chairman of Warburg Pincus. "Eontec meets this criteria on both accounts." Eontec employs 300 people in Dublin, the US, Canada, Germany, Britain and India and intends to use the capital to enhance and develop its client support infrastructure and professional services team for its Java-based banking software. It also expects to create up to 50 jobs.

The firm said last year it planned to seek a listing on the Nasdaq in 2001, but a spokesman said there were now "no immediate plans" for this. Although it would not indicate current revenues, the spokesman said the firm anticipated a 50 per cent growth in sales in 2001 over last year. Research firm Datamonitor says Eontec is well placed to capture a big share of the European e-banking market, estimated to be worth $5 billion and serving 75 million customers by 2005.