Norkom close to securing $6m in funds

Dublin based Norkom Technologies will finalise a $6 million (€6.73 million) third round of financing next week, The Irish Times has learned. The company, which specialises in customer relationship management software, plans to raise $20 million by December, double the amount initially proposed.

Norkom says it is on course for a planned flotation on the Nasdaq next year. However, Norkom chief executive officer, Mr Paul Kerley, says competitors' strategies may prompt the company to go public this year.

"We want to be in a position where we are ready to go this year. We don't want our competitors to go public and steal the premium ticket. We know we can dominate this market. Analysts are continually revising upward their valuations on customer intelligence companies; there's a lot of interest out there," Mr Kerley says.

The latest round of investment will coincide with several high-profile non-executive appointments at Norkom, which Mr Kerley says will "bring the company up a level because some of these figures are very influential players on the public markets". Mr Kerley would not reveal the identity of the new investors or the planned appointments.

Norkom is currently participating in a week-long e-challenge global road show. The road show is part of a prize Norkom was awarded this week when it was named "Best Internet and Wireless Company in Europe" at the prestigious e-challenge 2000 awards in Stockholm. The panEuropean competition identifies the next generation of world-class Internet businesses.

Norkom beat eight other finalists in the applications section of the award. Overall, sixteen finalists presented their business plans to judges, industry leaders, venture capitalists and media over two days on a super-ferry sailing between Stockholm and Helsinki.

The prize includes a week-long tour stopping off at technology strongholds around the world. Winners will deliver presentations at the Internet World UK show in London on May 23rd; in Toronto on May 24th; Silicon Valley on May 26th and finally in Hong Kong on May 29th.

The jury said Norkom was selected because it "delivers and implements specialist products to deliver customer intelligence to organisations at all points of interaction".

Norkom employs 200 people and expects to expand this to 320 by March next year.