ChangingWorlds targets US, Asia: ThePost.ie


TCH Archives > Sunday Business Post > 2005/01/23 > ChangingWorlds targets US, Asia

ChangingWorlds targets US, Asia
Sunday, January 23, 2005 - By Gavin Daly
ChangingWorlds, a Dublin company that makes software for mobile phone operators, will open offices in the US and Asia after making a profit for the first time last year.

John Doyle, the product marketing manager of ChangingWorlds, said the company was “significantly profitable'‘ in 2004, and expected to continue trading profitably. He would not comment on turnover at ChangingWorlds, but it is believed to be more than €5 million.

The company employs 50 people and has licensed its software - which personalises the menus on mobile phones based on an owner's usage - to about 20 mobile operators in Europe.

It has just announced a six-figure deal with Vodafone Hungary, which has about 1.7 million subscribers.

Doyle said ChangingWorlds had similar deals with Si.Mobil in Slovenia and ZipNet in Croatia, leaving it well-placed in the emerging eastern European market.

“At this point, we have a fairly good footprint in Europe,” he said. “This year we are targeting the American and Asian markets.”

While the expansion will initially be managed from Dublin, ChangingWorlds plans to establish offices in both markets this year, according to Doyle. The firm conducted market research in the US late last year, but Doyle would not comment on whether it was in discussions with potential customers.

Last month, US technology research group IDC named ChangingWorlds as one of ‘10 emerging wireless players to watch in 2005'.

Doyle said the company would use upcoming trade shows in Europe, the US and Asia to “kick-start market development'‘.

ChangingWorlds was founded in 1999 as a campus company at University College Dublin. It has since raised almost €6 million in funding from investors including Trinity Venture Capital, the FLV Fund in Belgium and private clients of the Merrion Capital Group.

Doyle said the company did not plan to return to its investors for more funding.

“We have very prudent financial management,” he said. “We didn't go mad in the boom time, and that allowed us to survive in the downturn.”

The last accounts filed by ChangingWorlds, for the year to the end of December 2003, show it had an accumulated loss of more than €4.4 million.

It had shareholders funds of just over €740,000 at the end of that year.

The directors of ChangingWorlds include chief executive Luke Conroy, Karl Schutte of Trinity Venture Capital and Paul Van Houtte of FLV. The company's founders, Barry Smyth and Paul Cotter, are also on the board.