Feeds

Infobank seeks £9 million to develop e-commerce apps

Please give generously... No donation too small...

  • alert
  • submit to reddit

High performance access to file storage

Infobank International has launched an £8.9 million fundraising bid to help develop the company's range of e-commerce software. If unsuccessful, then the options for the Berkshire-based software company will be "significantly restricted", it admitted yesterday. Last month, Infobank finally launched its InTrade e-commerce solution after extended product development led to its delay. InTrade is a Net-based procurement system which automates the entire process from the desktop. Replacing traditional paper-based processes, it is an e-commerce tool the company claims could cut costs by half within a year. The launch of InTrade and Infobank's quest for further funding follows a difficult period for the company. In September, David Fraser stepped down as executive chairman, although he stayed on as a non-executive director. At the same time, managing Director Joe Pillai left the board and Graham Sadd, co-founder and executive director, was appointed interim chief executive. The company also decided to channel sales of InTrade through partnerships with groups that use the product after its software reselling arm, Software Corporation, failed to obtain sufficient access to customers. Despite the company's continuing failure to meet its financial targets, Graham Kemp, analyst with Collins Stewart, Infobank's broker, said the product showed great potential. Speaking in the Financial Times, Kemp said he is forecasting a pre-tax loss of £7.4 million in the year to 30 December, after exceptional reorganisational costs of £700,000. ®

High performance access to file storage

More from The Register

next story
Audio fans, prepare yourself for the Second Coming ... of Blu-ray
High Fidelity Pure Audio – is this what your ears have been waiting for?
MtGox chief Karpelès refuses to come to US for g-men's grilling
Bitcoin baron says he needs another lawyer for FinCEN chat
Dropbox defends fantastically badly timed Condoleezza Rice appointment
'Nothing is going to change with Dr. Rice's appointment,' file sharer promises
Did a date calculation bug just cost hard-up Co-op Bank £110m?
And just when Brit banking org needs £400m to stay afloat
Sorry London, Europe's top tech city is Munich
New 'Atlas of ICT Activity' finds innovation isn't happening at Silicon Roundabout
Zucker punched: Google gobbles Facebook-wooed Titan Aerospace
Up, up and away in my beautiful balloon flying broadband-bot
Apple DOMINATES the Valley, rakes in more profit than Google, HP, Intel, Cisco COMBINED
Cook & Co. also pay more taxes than those four worthies PLUS eBay and Oracle
It may be ILLEGAL to run Heartbleed health checks – IT lawyer
Do the right thing, earn up to 10 years in clink
prev story

Whitepapers

Securing web applications made simple and scalable
In this whitepaper learn how automated security testing can provide a simple and scalable way to protect your web applications.
Five 3D headsets to be won!
We were so impressed by the Durovis Dive headset we’ve asked the company to give some away to Reg readers.
HP ArcSight ESM solution helps Finansbank
Based on their experience using HP ArcSight Enterprise Security Manager for IT security operations, Finansbank moved to HP ArcSight ESM for fraud management.
The benefits of software based PBX
Why you should break free from your proprietary PBX and how to leverage your existing server hardware.
Mobile application security study
Download this report to see the alarming realities regarding the sheer number of applications vulnerable to attack, as well as the most common and easily addressable vulnerability errors.