Former MapInfo Exec. Invests in Irish Mapping Firm
Sean O’Sullivan, a former president and chairman of U.S. based, MapInfo Corporation has invested $5.1 million in Dublin-based Mapflow it was announced today. The investment was made through Mr. O'Sullivan's venture fund, SOSventures Investments Ltd. Another
$6.6 million is promised if the company achieves future milestones.
Mr. O’Sullivan will also assume the position of Executive Chairman of the Board of Directors. Mapflow founder Simon Dick will leave the board. Harvey Appelbe, another founder of the firm, will remain as Chief Technology Officer and a member of the Board of Directors.
Commenting on his investment, Mr. O'Sullivan praised the current management team and said, “It is truly a gem of the Irish software industry, and the challenge is now to make it a global leader, #1 or #2, in its markets worldwide.”
Mapflow provides location intelligent solutions to the insurance, transport and location services markets. The firm says that the investment will be used primarily be used to fund additional R&D by the company.