GLOBAL SHARES plc, which helps set up and administer employee shares schemes, has raised €1.65m in a fresh fundraising round.
The investors include the chairman Richard Hayes, a former chief executive of IFG; Brian McCarthy, the Fexco founder; and Ron Bolger, a former managing partner at KPMG. The biggest contributor to the fundraising was David Raethorne, a serial technology entrepreneur.
Global Shares, which is based in Clonakilty in west Cork, posted sales of $5.3m (€4m) in 2013, an increase of 14.2% on the previous year, and made profits of $140,000. Recurring income from its “high quality client base” rose 25% to $4.5m.
In his chairman’s report, Hayes said that the company was regarded as a “world class” adminstrator of, and provider of software to, employee stock plans at companies headquartered in 22 countries and with participants in 100 countries.
He said that the company had invested $1.6m in a new software system that would allow the company to “grow rapidly”.
Advertisement
Global Shares was founded by Maoiliosa O’Culachain, who ran the employee share scheme at Eircom. In total, it has raised close to $7m.