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.
Credit: Silicon Republic