Iona shares increase by almost 8%

SOFTWARE group Iona Technologies saw its shares rise by almost 8% after it released strong fourth-quarter figures yesterday.

Total revenue for the three months to December was $23.4 million (€18.6 million), a 35% increase on the previous quarter.

Iona co-founder and chief executive Chris Horn said the results showed continued progress and that the company’s new Artix product was well-positioned to take advantage of the growing web services market. Artix aims to reduce the complexity associated with integrating information technology (IT) systems and help cut business IT costs.