Baltimore Technologies
Encyclopedia
Baltimore Technologies was a leading Irish internet security
firm, with its headquarters in Dublin Ireland
. It was listed on the London Stock Exchange
and was briefly part of the FTSE 100 Index
during 2000.
and led by Fran Rooney
. In December 1998 the Company was acquired by Zergo Limited, a UK company listed on the London Stock Exchange
. Post-acquisition, Zergo changed its name to Baltimore Technologies and Rooney was appointed CEO of the merged company. Under Rooney's leadership Baltimore expanded rapidly, both through organic growth
and by a series of high-profile acquisitions
. In 1999 the company was listed on NASDAQ and the share price soared in value during the internet boom as its digital certificate business was seen as a vital tool to enable e-Commerce
. The Company showed considerable growth in both sales and market capitalization
, becoming a FTSE 100 firm with a market capitalization of over US$13 billion. However, following the Stockmarket Crash of March 2000, its share price fell.
Rooney resigned as CEO in July 2001 and a bidding war for the Company ensued. After his departure subsequent management teams sold off the different business units that had been developed over the years in a series of demergers and by December 2003, following the sale of the PKI
business to Betrusted, the Company had shed all operating businesses. In March 2004 the board announced its intention to move into the clean energy space, starting with an acquisition, though no acquisition target was ever publicly identified. The plan was abandoned in June 2004 and the company was acquired by Acquisitor Holdings of Bermuda
in July 2004 following some acrimony between Acquisitor and Baltimore management. In February 2005 Acquisitor delisted Baltimore from the London Stock Exchange
.
The company listed on the Alternative Investment Market
at the end of February 2006 under the symbol BLM. In May 2006, the company released an AGM statement which described the Company's strategy as "becoming a financial services business concentrating on those specialist areas of the market where we have the skills and track record to obtain an operational multiple on the valuation of our shares." The statement listed companies that Baltimore Technologies has bought and sold, implying a strategy of investing in undervalued small companies.
The Company was acquired by Oryx International Growth Fund in July 2006.
won the European Young Scientist of the Year award for her presentation of the Cayley–Purser algorithm, which was based on work she performed with Baltimore researchers during a short internship with the company. The algorithm is named after Michael Purser.
Fran Rooney
was the subject of an RTÉ
documentary in the Raging Bulls series, first broadcast on October 17, 2006.
Internet security
Internet security is a branch of computer security specifically related to the Internet. Its objective is to establish rules and measures to use against attacks over the Internet. The Internet represents an insecure channel for exchanging information leading to a high risk of intrusion or fraud,...
firm, with its headquarters in Dublin Ireland
Republic of Ireland
Ireland , described as the Republic of Ireland , is a sovereign state in Europe occupying approximately five-sixths of the island of the same name. Its capital is Dublin. Ireland, which had a population of 4.58 million in 2011, is a constitutional republic governed as a parliamentary democracy,...
. It was listed on the London Stock Exchange
London Stock Exchange
The London Stock Exchange is a stock exchange located in the City of London within the United Kingdom. , the Exchange had a market capitalisation of US$3.7495 trillion, making it the fourth-largest stock exchange in the world by this measurement...
and was briefly part of the FTSE 100 Index
FTSE 100 Index
The FTSE 100 Index, also called FTSE 100, FTSE, or, informally, the footsie , is a share index of the 100 most highly capitalised UK companies listed on the London Stock Exchange....
during 2000.
History
The Company founded in 1976 by Michael Purser. It was acquired in 1996 by a team financed by Dermot DesmondDermot Desmond
Dermot Desmond is an Irish businessman and financier. He is estimated to be worth €1.45billion and is ranked by the Sunday Independent as the sixth-richest person in Ireland.-Background and education:...
and led by Fran Rooney
Fran Rooney
Fran Rooney is an Irish businessmen and Barrister.The President of Ireland, Mary McAleese, presented Mr. Rooney with the Businessman of the Year award in 2000 . He was Bank of Ireland Entrepreneur of the Year in 2001...
. In December 1998 the Company was acquired by Zergo Limited, a UK company listed on the London Stock Exchange
London Stock Exchange
The London Stock Exchange is a stock exchange located in the City of London within the United Kingdom. , the Exchange had a market capitalisation of US$3.7495 trillion, making it the fourth-largest stock exchange in the world by this measurement...
. Post-acquisition, Zergo changed its name to Baltimore Technologies and Rooney was appointed CEO of the merged company. Under Rooney's leadership Baltimore expanded rapidly, both through organic growth
Organic growth
In finance, organic growth is the process of businesses expansion due to increasing overall customer base, increased output per customer or representative, new sales, or any combination of the above, as opposed to mergers and acquisitions that are examples of inorganic growth. Typically, the...
and by a series of high-profile acquisitions
Mergers and acquisitions
Mergers and acquisitions refers to the aspect of corporate strategy, corporate finance and management dealing with the buying, selling, dividing and combining of different companies and similar entities that can help an enterprise grow rapidly in its sector or location of origin, or a new field or...
. In 1999 the company was listed on NASDAQ and the share price soared in value during the internet boom as its digital certificate business was seen as a vital tool to enable e-Commerce
Electronic commerce
Electronic commerce, commonly known as e-commerce, eCommerce or e-comm, refers to the buying and selling of products or services over electronic systems such as the Internet and other computer networks. However, the term may refer to more than just buying and selling products online...
. The Company showed considerable growth in both sales and market capitalization
Market capitalization
Market capitalization is a measurement of the value of the ownership interest that shareholders hold in a business enterprise. It is equal to the share price times the number of shares outstanding of a publicly traded company...
, becoming a FTSE 100 firm with a market capitalization of over US$13 billion. However, following the Stockmarket Crash of March 2000, its share price fell.
Rooney resigned as CEO in July 2001 and a bidding war for the Company ensued. After his departure subsequent management teams sold off the different business units that had been developed over the years in a series of demergers and by December 2003, following the sale of the PKI
Public key infrastructure
Public Key Infrastructure is a set of hardware, software, people, policies, and procedures needed to create, manage, distribute, use, store, and revoke digital certificates. In cryptography, a PKI is an arrangement that binds public keys with respective user identities by means of a certificate...
business to Betrusted, the Company had shed all operating businesses. In March 2004 the board announced its intention to move into the clean energy space, starting with an acquisition, though no acquisition target was ever publicly identified. The plan was abandoned in June 2004 and the company was acquired by Acquisitor Holdings of Bermuda
Bermuda
Bermuda is a British overseas territory in the North Atlantic Ocean. Located off the east coast of the United States, its nearest landmass is Cape Hatteras, North Carolina, about to the west-northwest. It is about south of Halifax, Nova Scotia, Canada, and northeast of Miami, Florida...
in July 2004 following some acrimony between Acquisitor and Baltimore management. In February 2005 Acquisitor delisted Baltimore from the London Stock Exchange
London Stock Exchange
The London Stock Exchange is a stock exchange located in the City of London within the United Kingdom. , the Exchange had a market capitalisation of US$3.7495 trillion, making it the fourth-largest stock exchange in the world by this measurement...
.
The company listed on the Alternative Investment Market
Alternative Investment Market
AIM is a sub-market of the London Stock Exchange, allowing smaller companies to float shares with a more flexible regulatory system than is applicable to the main market....
at the end of February 2006 under the symbol BLM. In May 2006, the company released an AGM statement which described the Company's strategy as "becoming a financial services business concentrating on those specialist areas of the market where we have the skills and track record to obtain an operational multiple on the valuation of our shares." The statement listed companies that Baltimore Technologies has bought and sold, implying a strategy of investing in undervalued small companies.
The Company was acquired by Oryx International Growth Fund in July 2006.
Other information
Sarah FlannerySarah Flannery
Sarah Flannery was, at sixteen years old, the winner of the 1999 Esat Young Scientist Exhibition for development of the Cayley–Purser algorithm, based on work she had done with researchers at Baltimore Technologies during a brief internship there...
won the European Young Scientist of the Year award for her presentation of the Cayley–Purser algorithm, which was based on work she performed with Baltimore researchers during a short internship with the company. The algorithm is named after Michael Purser.
Fran Rooney
Fran Rooney
Fran Rooney is an Irish businessmen and Barrister.The President of Ireland, Mary McAleese, presented Mr. Rooney with the Businessman of the Year award in 2000 . He was Bank of Ireland Entrepreneur of the Year in 2001...
was the subject of an RTÉ
Raidió Teilifís Éireann
Raidió Teilifís Éireann is a semi-state company and the public service broadcaster of Ireland. It both produces programmes and broadcasts them on television, radio and the Internet. The radio service began on January 1, 1926, while regular television broadcasts began on December 31, 1961, making...
documentary in the Raging Bulls series, first broadcast on October 17, 2006.