Shannon Development has approved a €1.5m support package for two Kerry-based companies - Altobridge and Freeflow.
The agency says the support, in the form of grants and an equity investment in Altobridge, will lead to increased research and development activity in both companies. It will also generate an extra 43 jobs at Kerry Technology Park over the next five years - 25 in Altobridge and 18 in Freeflow.
The equity investment in Altobridge has been accompanied by private equity including an investment by the Mianach BES Fund, bringing the total new investment in the two companies to €4.2m.
Altobridge, formed in late 2001, provides mobile telecommunications technology, specialising in areas such as aeronautical and maritime communications. Freeflow (formerly known as Web Component Trading) provides technology which helps companies to manage their inventories.
Enterprise, Trade & Employment Minister Micheal Martin described the two firms as 'the type of knowledge based indigenous companies Ireland needs to position itself as a leader in the global technology marketplace of the future'.
