Desmond-backed software firm hit by further losses

Mapping software firm eSpatial, which is backed by billionaire financier Dermot Desmond, reported further losses last year and now has accumulated losses of €18.4 million.

8th November, 2008

Mapping software firm eSpatial, which is backed by billionaire financier Dermot Desmond, reported further losses last year and now has accumulated losses of €18.4 million.

The company, which is 90 per cent owned by Desmond’s International Investment & Underwriting (IIU), raised €3 million from investors during 2007. IIU provided €2.4million of the total, with Enterprise Ireland providing the balance of the funding.

According to eSpatial, the state agency now owns 10 per cent of...

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