CBT Group has been one of the pioneers among Irish software companies expanding overseas and selling on NASDAQ, writes Emmet Oliver. It provides interactive education software designed to meet the IT training needs of businesses and other organisations, selling mainly to Fortune 2000 companies and major US multinationals.

It listed on NASDAQ in 1995 and until recently had reported successive quarters of strong growth. It employs over 1,100 people worldwide, including 450 in Dublin.

The company was established in 1984 when it was set up by former school-teacher Mr Pat McDonagh and stockbroker Mr Dermot Desmond. It concentrated on Ireland at first; in 1987 Mr Bill McCabe came on board and the company expanded into Britain and the US. It decided to list on the NASDAQ in 1995 not only to raise funds, but to gain credibility in the eyes of American investors. In the first half of this year it made profits of $11.4 million on turnover of $84.8 million and its share price topped $60. It has over 494 titles and 1,700 customers.

In August of this year, Mr McCabe, announced he was standing down as chief executive officer after six years in the position, to be replaced by Mr James Buckley. Its main shareholders are US institutions.