December 1, 2003 — (WEB HOST INDUSTRY REVIEW) — The Dublin City Enterprise Board announced today that it has made an investment of 50,000 EUR in Dublin-based Web hosting and Internet Services provider Novara IT (novara.ie), the fifth largest hosting provider in Ireland, according to Whois Ireland.
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The company said the investment consists of 50,000 cumulative redeemable preference shares of 1 EUR each with a conversion rate of 10 percent and a coupon rate of 5 percent.
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The company said the funding will be used to underpin Novara’s growth in 2004.
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Eoin Costello, CEO of Navara, said that the investment is a sign that there is a good opportunity for growth in the Irish market, which he said is losing 7 million EURO a year to Irish companies and consumers that use foreign domain registrars and Web hosting providers.
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The company said it expects to expand its staff significantly over the next two years.
