Norkom Admitted to IEX and AIM Markets Following Successful IPO

BOSTON, Massachusetts, June 26 /PRNewswire/ -- Norkom Technologies was today admitted to the IEX and AIM markets of the Dublin and London stock exchanges. Following a successful round of fundraising, the company listed with a share price of US$1.56, giving it a market capitalization of US$126million. The company raised gross proceeds of US$26.4million through a placing of new and existing Norkom ordinary shares.

Norkom's successful IPO follows several years of significant revenue growth and constant profitability. The company has become a significant player in the global Financial Crime and Regulatory Compliance marketplace, achieving the market leading position in Europe. The funds raised through the IPO will be used to build on Norkom's success to date, fund strategic acquisitions and strengthen its market leading position.

Speaking about the IPO, Paul Kerley, Norkom CEO, said "We are delighted with the successful outcome of this offering. The fundraising and admission to AIM and IEX represents a new phase in Norkom's development. The combination of our strong product offering, our internationally recognized blue chip client base and the domain expertise of our people means we are well positioned to become global leader in the high growth financial crime prevention software market. Admission to the AIM and IEX markets will fuel our growth and support our commercial strategy which includes the pursuit of targeted acquisitions."

The market for financial crime prevention and compliance solutions was estimated to be US$3.7 billion in 2005 and is expected to grow to US$5.1 billion by 2008.

Norkom has experienced significant growth of 49% in the last year, with revenues increasing from US$15.2 million for the year ended 31 March 2005 to US22.77 million for the year ended 31 March 2006. The Group has been profitable and cash generative for the last three financial years, and for the year ended 31 March 2006 generated EBITDA of US$4.2 million.

Norkom is a leading provider of financial crime prevention and regulatory compliance software that enables financial institutions to combat financial crime in an evolving regulatory environment. Norkom's solutions can help financial institutions detect, analyze, investigate and take action against, on an enterprise-wide basis, areas of financial crime such as money laundering, card fraud, identity theft, market abuse, terrorist financing and the illegal transfer of funds.

Norkom's software suite is deployed in the retail banking, insurance, and investment banking sectors and monitors millions of transactions on a daily basis. Norkom Group has a blue chip financial services client base which includes HSBC, Standard Chartered Bank, Bank of Montreal, Erste Group, Rabobank, Allied Irish Banks, Harris Bank, National Australia Group, KBC, Travelex, Fortis, Natexis Banques Populaires and Euroclear.

The Group is headquartered in Dublin, with a sales and operational presence in USA and Belgium, and sales representation in Canada and the UK.