A Dublin-based provider of software for large retail chains has secured first round private funding of $5 million (€5.4 million) through Goodbody Corporate Finance. ICC Venture Capital, AIB and Cairn have each invested in Celtech Software in return for an equity stake estimated to be worth around one third of the company.

Celtech chief executive officer Mr Darragh Fanning did not disclose details of the investment breakdown, but said the initial investment would be used to make Celtech a £100 million (€127 million) firm within five years.

The first funding round will be used to accelerate Celtech's sales and marketing presence in Britain, where most of its customers are located. It says it plans to establish an operation in the US later this year, and in the next two weeks expects to announce a partnership agreement with a major US software vendor to distribute its products in the US.

Mr Fanning, who founded Celtech with private funding in 1992, said the company had been profitable since its inception. Its flagship product manages retail stock information for large multiple chains. It provides retailers with information about stock levels in individual stores, how much product is being sold, and the impact of in-store promotions.

Its newest version of the product, due for release next month, can view retail stock holdings across 1,000 stores at any given time, providing real time information to users of when stocks are low in one outlet and where further stock can be secured nearby.

"Consolidation of information across retail channels and the integration of online and traditional retailing represent a major challenge to the multiple retailer today," said Mr Fanning.