Spectel, the Dublin-based technology firm which pulled its planned initial public offering earlier in April, has raised €15 million in venture capital funding.
The funding round values the company at €90 million - €130 million below the valuation that would have been achieved if it had successfully listed on the London and Irish stock exchanges.
The venture arm of Investcorp SA, which has invested $550 million (€563 million) in technology businesses in the past three years, invested €10 million. Existing shareholders in Spectel invested €5 million.
Spectel, which develops voice and data conferencing software, will use the cash to pursue acquisition targets in the conferencing market, the firm said yesterday in a statement. It will probably also use some of the cash from the funding to consolidate its business following the failed flotation. The company had planned to raise €46 million through a listing on the Irish and London stock exchanges.
In August, Spectel said it would lay off 45 staff, reducing its global workforce to about 143. The firm also revised its full-year sales forecasts to €46 million from €53 million. Last year the company recorded sales of €42 million.
Mr Gerard Moore, president and chief executive of Spectel, said the firm looked forward to leveraging Investcorp's investing history to expand Spectel's business.
"Investcorp has demonstrated confidence in our achievements and our commitment to providing great products, excellent customer support and a measurable return on investment for every customer," he said.
Spectel shareholders include Enterprise Ireland and Quinn Direct Insurance. Mr Gerard Moore owned 51 per cent of Spectel, prior to the fundraising.
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