ONE MORE THING:Little known Flint Telecom in Dublin has decided to buck the recent trend against companies raising funds here by seeking $5 million (€3.4 million) from investors willing to back its expansion plans in the United States.
Founded and led by Vincent Browne - a former chief executive of technology group Prime Carrier Ltd as opposed to the columnist and broadcaster - Flint has circulated details of the fundraising to potential backers around town and recently ran some investor presentations.
Its funding document states that it wants to "underpin the current growth and bridge to a listing on the public markets in mid-2008".
Flint has agreed terms to reverse into a non-trading public shell by the end of this year and aims to commence trading on July 1st next.
Set up in 2004, Flint provides software to US-based internet service providers (ISPs), cable companies and other telecom operators that allows them to offer phone calls over the internet as part of a bundled package of services, including broadband and TV.
Flint hosts the web portal and handles customer interaction, including billing. It shares revenues with cable companies or ISPs.
Flint's document says it operates in specific segments of the residential and business markets that provide "high-margin opportunities and captive audiences" rather than the general market, which is served by Skype and others.
Revenues of $943,000 were booked in the year to the end of June 2007. These are expected to grow to $7.5 million next year and $45.5 million in 2009, with two-thirds driven by business customers. It expects to have earnings before interest, tax, depreciation and amortisation of $6.3 million in two years time.
Flint has raised $5 million to date, including $3 million from Browne and his fellow promoters.
Enterprise Ireland and other "tax-based" investors recently coughed up $1.2 million and it now wants to supplement that with more funds.
Flint is said to be well on its way to securing the $5 million, which would be some feat given the current belt tightening by banks and investors.
