Datalex, an airline ecommerce software supplier, announced its decision this Wednesday to generate €25 million through an expansive stock sale, primarily aiming to repay loans from Dermot Desmond, its major investor. Dermot Desmond’s investment branch, IIU Nominees, currently holds 40.3 per cent ownership in the company, which may increase to as much as 52.5 per cent, contingent upon the amount of new available stocks he decides to purchase.
Datalex stands indebted to another Desmond establishment, Tireragh, approximately €19.1 million, inclusive of interest, calculated at 18 per cent. In the first half of this year, Datalex reported a revenue increase of 3 per cent, amounting to €11.8 million ($13.3 million), with its gross profits escalating by 25 per cent to reach €3.8 million.
CEO Jonathan Rockett expressed satisfaction with the developments in the initial half of 2024, citing commendable advancement towards establishing a robust platform for imminent growth. “This progression pivots around our order management platform”, he stated. The intent is to transition customers from outdated technology that has been curbing innovation in the airline industry for long years. The order management competencies provided by Datalex enable airlines to optimise their retail opportunities with modern technology.