Sean O’Driscoll and Nick Furlong joined Dermot Desmond to provide €6m in loans to Datalex after delisting last month following troubled years including 2018 accounting scandal.
Desmond’s Tireragh supplied €4m, while O’Driscoll’s Roaring Waters Capital and Furlong’s Pageant Investments each committed €1m, secured by charges over assets, IP and investments at 16 per cent annual interest.
Trio controls nearly 80 per cent of Datalex, with Desmond at 49 per cent after prior equity raises; loans repay previous facilities and support operations amid improved outlook.
Datalex, serving airlines like Aer Lingus, EasyJet and Air China, faced revenue drop to $28.1m in 2020 from Covid, but expects positive EBITDA in 2025.
Delisting aims to access private equity and strategic investors for broader funding beyond stock market constraints.
A statement shared: “Mr Desmond, who was an existing shareholder in Datalex, first provided it withms of euro in emergency debt and equity finance in 2019 following a crisis at the firm that included its 2018 accounts being queried.”
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