INVESTMENT
Ion Equity to focus on tech finance
10-01-2001
by Aoidin Scully
A new technology-focused corporate finance boutique has been established in Ireland.
Ion Equity, founded by former Dolmen Corporate Finance Directors Neil O'Leary and Joe Devine, will concentrate on technology focused corporate finance advice for technology companies and on the management of a private technology investment fund.
The company said it has recruited a team of technology corporate finance executives to 'bring unprecedented expertise in fundraising, exit and acquisition strategies and technology research to the Irish market.'
"The key service we're offering to the corporate finance market is fundraising for larger technology companies who are seeking investment in the region of IEP4 million," explained Ulric Kenny, a director of Ion Equity. "We're working with those businesses to help set their business models appropriately to the market, then introducing them to the right investors internationally, and brokering deals on their behalf."
Ion will also make available investments of between IEP1 million and IEP3 million to high growth technology and communications companies. Final arrangements for the fund are currently in completion stage.
The company also specialises in exit strategies. "We take on companies, particularly tech companies, and try to find a buyer for them through a strategically-orientated global search for buyers," said Kenny.
Though the background of the company's directors is in investment banking rather than technology -- O'Leary was a former director of UBS Ltd., while Devine set up the Entrepreneurial Services Division of Ernst & Young -- Kenny said their focus on technology is what differentiates them from their competitors.
"The tech sector is clearly the most exciting sector for deals at the moment in Ireland so it's worthy of a lot of focus," he said. "We don't want to dabble in it like many others do, we wanted to really concentrate on it, so we can understand our clients and add value to their organisation, rather than giving them an old-fashioned corporate finance solution that doesn't really address their needs." There are far too many companies being serviced by advisers who don't really understand what it is the companies do, he added.
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