Trinity Commerce, the Internet services company in which Eircom holds a majority stake, is expected to announce plans today to take a public listing. The shares are likely to be traded on the US Nasdaq and German Neuer Markt. The public placing is expected to occur in the first quarter next year. It is understood Trinity Commerce will appoint corporate advisers in the next three months. The company has not yet decided how much it plans to raise through the fund-raising.
The company will announce details today of a change in company name together with expansion plans over the coming months throughout Europe and into the US. Eircom took a 51 per cent stake in Trinity Commerce last May after it invested £10 million (€12.7 million) in the company, valuing it at just under £20 million.
The primary Trinity Commerce shareholders are Mr Jonathan Mills and Mr Robert Booth - founders of Trinity Technology Group - and Mr Norman Crowley, founder of the Solutions Group which was "absorbed" by Trinity Technology and created the forerunner to Trinity Commerce.
Mr Bill Donoghue, chief executive officer of Trinity Commerce, will oversee the company's expansion into new geographical markets. The company recently opened an office in London's Canary Wharf and plans to compete in the market there, building e-commerce applications and integrating existing businesses with Internet technology.
The company specialises in providing electronic commerce services to commercial clients. In the past year, its staff has grown rapidly from 20 to more than 100 employees at its Sandyford facility in Dublin.
The company was founded in 1997 as an offshoot of Trinity Technology's operations. Last year, its revenues are understood to have increased fivefold from £1 million to £5 million.
