Irish fintech Fineos raises €44m through institutional placing

Irish insurance software company Fineos has raised $70 million Australian dollars (€43.8 million) through an institutional placement in Sydney.

The company, which recently surpassed €100 million in annual revenues for the first time, issued about 16.3 million new fully-paid chess depositary interests (CDI) over ordinary shares, at an offer price of $4.30 per new CDI.

The placement price represents a 5.1 per cent discount to the company’s closing price of $4.53 per CDI on Thursday.

Founded in Dublin by Michael Kelly in 1993 and now employing more than 1,000 people, Fineos raised about €130 million when it became the first Irish-headquartered company to float on the stock exchange in Australia in August 2019.

The company is a provider of software solutions for global life, accident and health insurance companies. It counts seven of the top 10 group life and health carriers in the US, and six of the top 10 in Australia, among its customers.

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Source: Irish fintech Fineos raises €44m through institutional placing