Ashtenne to sell £60m US base

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Irish sovereign fund invests in online sales platform

first_imgIreland’s sovereign development fund has joined a $50m (€46.9m) equity raise by sales platform, which will see the creation of 120 jobs in the country.In addition to funding from the €8.1bn Ireland Strategic Investment Fund (ISIF), the website also attracted support from Microsoft and existing venture capital investors as part of the latest round of fundraising, which brings its total capital to $250m.In a statement, InsideSales said its long-term goal was to create a centre of excellence for artificial intelligence (AI) and machine learning in Ireland, with plans to hire 120 staff across product development, engineering and sales once a suitable location for the office is decided on.Eugene O’Callaghan, the ISIF’s director, said the fund was pleased to welcome InsideSales to Ireland’s “flourishing” technology community. O’Callaghan added: “This investment is well aligned with the ISIF’s mandate, with the key benefits to the Irish economy being the targeted creation of more than 120 high-quality jobs over the next three years.”’s chief executive Dave Elkington underlined the firm’s commitment to opening an office in Ireland, stressing that the AI technology at the heart of the sales platform would be unique among Ireland’s technology companies.“We’re not only looking to hire some of Ireland’s best and brightest technology graduates,” said Elkington, “but also to help build a new, highly skilled industry in the region.”The creation of jobs is but one of the metrics employed by the ISIF to measure how successfully its investments are at stimulating Irish economic growth.In an upcoming issue of IPE, O’Callaghan said the fund had recently begun expanding its impact metrics beyond measuring job creation to be “a bit more verbal, a bit more qualitative, a bit more case-study driven”.Its most recent economic impact report, covering the six months to June 2016, estimated that nearly 19,000 jobs had been created through the ISIF’s activities but also that the jobs created paid employees €657m in wages last year.For more on the ISIF’s investment strategy, see our interview with Eugene O’Callaghan in the February issue of IPElast_img read more

Uhuru announces period of national mourning after Mkapa’s death

first_imgPresident Uhuru Kenyatta has announced a period of national mourning after the passing of former Tanzania President Benjamin William Mkapa.In a Presidential Proclamation issued Friday, said the three-day period of national mourning will be observed in memory of the late former President.The Head of State has also ordered the flag of Kenya to be flown half-mast as an expression of sorrow from Monday 27th to Wednesday 29th July.Also Read  152 more test positive as Kenya’s COVID-19 cases hit 36,981 President Kenyatta said the move is in recognition of his immense contributions to the restoration of the dream of the East African Community (EAC) and advancing the prosperity of the people of EAC; and in solidarity with our Brothers and Sisters in the United Republic of Tanzania, the wider EAC and the whole of Africa who are in deep mourning following the loss of an outstanding son of Africa.Also Read  Mudavadi calls for sobriety over the 2/3 gender rule disputeEarlier, President Uhuru Kenyatta mourned the departed Tanzanian leader as an outstanding East African who worked tirelessly for the integration, peace and progress of the region.Also Read  President Uhuru to make remarks in the 75th Session of UNGAPresident Kenyatta wished the family of the Former President and all Tanzanians God’s comfort and fortitude as they mourn their departed leader.President John Pombe Magufuli announced the demise of the third President of Tanzania early Friday morning.President Magufuli said the former President died at a Dar es Salaam hospital where he had been admitted. “The flags will be flown at half-mast at, “all Public Buildings and Public Grounds and wherever else throughout the entire territory of the Republic of Kenya and at all of Kenya’s Diplomatic Missions abroad,” said the President.Get breaking news on your Mobile as-it-happens. SMS ‘NEWS’ to 20153last_img read more