Limerick-based software developer Kneat Solutions is to merge with Canadian company Fortune Bay Corp.
The deal, which is subject to regulatory approval, consists of an initial cash injection of €5.5 million and the creation of a new company to be listed on the Toronto Stock Exchange.
Current CEO Eddie Ryan will remain in his position in Limerick and there are plans to grow its US sales and support office in Philadelphia.
Kneat also announced the creation of 30 jobs over the next two years in software development, testing, pharmaceutical processes and business development – doubling its current headcount. Hiring is already underway.
“We are excited to take this important step in capturing the rapidly growing market for compliance related document and data management software for regulated Industries,” said Ryan.
“We launched our first solution in 2014 initially targeting validation applications for the biotech and pharmaceutical industries, and can now count several blue chip biotech and pharmaceutical companies as clients. Our software is also applicable to other industries such as oil and energy, aviation, nuclear and automation where good data management, good documentation practices and regulatory compliance are highly valued.”
Kneat’s client base includes leading global biotech and pharmaceutical companies across the European Union and United States.
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