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March 24, 1988

DILLON OF DUBLIN LANDS UKP500,000 IN NEW CASH FOR EXPANSION FROM AUSTRIAN BANK

By CBR Staff Writer

Dillon International Ltd, the Maidenhead, Berkshire subsidiary of Dublin, Ireland-based multicurrency and treasury management software developer Dillon Ltd has raised UKP500,000 by the sale of an undisclosed equity stake to the Austrian bank, Creditanstalt Bankverein. The UK venture capital groups Investors in Industry – otherwise own as 3i – and Baronsmead already have major holdings in the company, which intends to use the new money for product development at its Dublin research centre. Dillon International is currently negotiating with a US distributor in a move to improve its presence in that market. In the UK dealers and systems houses are being offered joint marketing arrangements under which they can expect a commission of 15% of the system cost for purchases by customers they introduce to Dillon. The company claims that it has a sustainable growth rate of about 60% with over 50% of its revenue being generated outside the UK and Ireland – sales are particularly strong among multi-nationals operating in the Gulf and in Scandinavia. Dillon Ltd was established in 1983 and is aiming for a stock market debut within the next three years. Last year turnover reached UKP750,000 and the company claims to have made a profit. Dillon Ltd is doubling its staff to 20 in Dublin – it has 15 at its Maidenhead office. Its software products – including the Interlink and InterAct Report Writer unveiled this week as utilities for the Dillon Lyric accounting system – run on MS-DOS micros and Xenix-based machines. DEC VAX and mainframe-based versions are in the plan.

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