September 15, 1997
CSI announces multi-million dollar investment package
CSI, the world's leading smart card software company, is pleased to announce the completion of a US$3 million investment package aimed at supporting the on-going development and world-wide marketing of its sophisticated multi-function smart card management system, CardBASE2000®. The investment is being supported by Gemplus, the Irish business development agency Forbairt, the Irish Trade Board, Private Investors, and ICC Venture Capital.
The total investment of US$3,000,000 is configured as follows; Gemplus US$675,000, Forbairt US$750,000, Irish Trade Board US$450,000, Private Investors US$375,000, and ICC Venture Capital US$750,000.
Commenting on the investment, Mr Geraghty said; "Our objective was to combine, into a meaningful financial package, the available Government support for a developing business via Forbairt and the Irish Trade Board, with efficient private and management investment, and international corporate support through our existing relationship with Gemplus".
According to Mr Marc Lassus, Chief Executive of Gemplus, "For Gemplus the importance of having good software solution providers is vital to our continued success. Gemplus has been working with CSI for some years now and the supply of Gemplus smart cards and CSI application software to the largest airline in the world, British Airways, is an example of how both companies are working well together. We recognise the wisdom of the Irish Government in their support of indigenous software companies and we look forward to the benefits of further developing our relationship with CSI."
According to Mr Dan Flinter, Chief Executive of Forbairt, "CSI has persuaded the largest company in its industry, Gemplus, to become an active partner and a shareholder in its business. This, coupled with a significant growth in sales and employment at the company, convinced Forbairt that CSI is becoming a very important supplier of software, to major smart card issuers world-wide."
According to Mr Oliver Tattan, Chief Executive of the Irish Trade Board, "the international software market becomes more competitive each day. Having the best technical solution is not enough. Irish companies excel by providing superb niche products and effective customised solutions and by delivering these with exceptionally high service values. International marketing excellence is our single most valuable resource in a global marketplace where differentiation is critical. The detailed marketing plan prepared by CSI, supported by recently entering into a worldwide marketing agreement with IBM, shows that CSI knows what it is about in a particularly competitive market."
According to Mr Maurice McHenry, Managing Director ICC Software Fund, "The Irish software industry has demonstrated some good returns to investors in the past three to five years and the international market has a very positive view of software that is developed in Ireland. CSI, through their product CardBASE2000®, has an opportunity to capitalise on this image and ICC Software Fund expects to use its knowledge of the software industry to help the company achieve significant growth during the coming years."
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