CR2 wins $7.5 million additional funding

CR2 wins $7.5 million additional funding

Dublin-based banking technology vendor CR2 has secured $7.5 million in additional funding and appointed Iona Technologies co-founder and chairman Christopher Horn as a non-executive director.

Additional capital investment has been provided to CR2 from its existing investors, including GIMV, NIB Capital, and ACT Venture Capital. The funding will be used for the on-going software development and business expansion of the company. This latest investment values CR2 at approximately $35million.

Bart Diels, executive investment manager, of GIMV, comments: "We believe that CR2 has the products and management capability to drive the company forward to hit profitability in 2002. We are confident that despite the less favourable climate CR2 is well positioned for strong growth."

CR2 recently agreed a multi-million dollar contract with Bank Muscat, Oman, in addition to deals with IndusInd Bank, India and Royal Bank of Trinidad and Tobago.

CR2's newest board member Christopher Horn comments: "CR2 is strongly positioned to become a substantial and profitable software organisation when markets begin to recover."

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