Technology firm sells to US suitor for €16.3m

A DUBLIN-based technology company has been bought out for €16.3 million. The main beneficiaries of the sale of Steel Trace to US firm Compuware Corporation will be Trinity Venture Capital and Net Decisions, another venture capital outfit.

Steel Trace employees and management team will also cash in as part of the sale.

“This transaction represents the natural progression of our long-term relationship with Compuware,” said Fergal McGovern, the founder and chief technology of officer of Steel Trace said in a statement.

“SteelTrace is already integrated with key Compuware development and quality assurance solutions, enabling both SteelTrace and Compuware customers to obtain immediate value from this transaction.”

Steel Trace was set up by Mr McGovern in 2001. He was previously a senior executive in the failed Ebeon company. Steel Trace employs 15 people, including five at its US office in Atlanta.

According to the last set of accounts for Steel Trace, the company had retained losses of €5.4m and net assets of just over €530,000.

Compuware Corporation, based in Detroit, is listed on American’s Nasdaq stock market and has been in business for more than 30 years.