Limerick software company Kneat Solutions is to create 30 new jobs in the next two years after securing an initial investment of €5.5m from listed Canadian player Fortune Bay Corp. The deal will mean shareholders in Kneat will be able to trade stock on the Toronto Stock Exchange.
Kneat has entered into a transaction agreement with Fortune Bay Corp as part of a five-year growth strategy that will give the company the capital it needs to enter new markets.
Headquartered in Limerick and with an office in Philadelphia, Kneat has developed enterprise software applications for global biotech and pharmaceutical companies across Europe and the US.
The deal represents an initial cash injection of €5.5m, which is expected to be supported by further imminent growth-led investment.
Kneat shareholders will own 68.7pc of the resultant merged entity and the current Fortune Bay shareholders will own the remaining 31.3pc.
Kneat powers data opportunities in biotech and pharma
The new company will retain the Kneat name and Eddie Ryan will remain as CEO. While its stock will trade on the Toronto Stock Exchange, its key operations will remain in Ireland, with an increasing sales and support capability in the US.
Recruitment is underway for these new roles, which will include experienced software developers, testers, pharmaceutical process specialists and business development managers.
Kneat currently employs 30 people between its Limerick and Philadelphia offices.
Ryan said that, in acquiring access to increased financial resources and entry into a lucrative marketplace, the company can accelerate its international growth plans.
“We launched our first solution in 2014, initially targeting validation applications for the biotech and pharmaceutical industries, and can now count several blue-chip biotech and pharmaceutical companies as clients.
“Our software is also applicable to other industries such as oil and energy, aviation, nuclear and automation where good data management, good documentation practices and regulatory compliance are highly valued,” Ryan said.
Limerick image via Shutterstock
