Cork IT company preparing for IPO establishes new base in Belfast

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A CORK-based cybersecurity company preparing to enter the London stock market has announced a new hub in Belfast.

Smarttech247 said the new sales, marketing and development office will create 30 jobs.

Invest NI said it has supported both securing investment and creating new roles, which are expected to attract an average salary of just over £30,000 a year.

Smarttech247 has already set up Titanic Suites flexible offices on Adelaide Street in Belfast, where four people are currently based.

Founded in 2003, the company, run by Cork native Ronan Murphy, also has offices in Bucharest, Krakow and New York.

The announcement of the Belfast move comes amid reports that Smarttech247 is preparing to list on the London Stock Exchange‘s AIM.

The IT company had been linked to a reverse takeover deal with London-based Conduity Capital PLC.

However, Smarttech247 has now opted for what is known as a direct IPO (initial public offering), which allows it to list its shares, but does not involve any fundraising.

He estimated the value of the business at around £34million.

Raluca Saceanu, who was appointed chief executive of the Cork company in March, said she had watched the success of other cybersecurity companies since the establishment of hubs in Northern Ireland.

“We want to be part of it,” she said. “Our scaling strategy focuses on developing new business in Britain and Europe. The team at our new Belfast hub will lead this work, developing cutting-edge skills to grow our digital technologies and R&D capabilities. »

Invest NI’s head of international investments, Alan Wilson, said the economic support agency’s “Republic of Ireland team” had been working with Smarttech247 since 2020.

“Four jobs are already in place at the company’s office at Titanic Suites, and the total investment will bring £925,000 in additional annual wages to our local economy once all are in place.”

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