The excellent results from CBT and the expected strong first quarter figures from Iona Technology next Monday are likely to reassure American investors in potential NASDAQ flotations by Irish high-tech companies. Trintech seems next on the list with an Initial Public Offering (IPO) pencilled in for later in the year with a likely starting market capitalisation of around $100 million.

After the disaster of the GPA flotation a few years ago, Wall Street has done nicely out of Irish companies floating on the New York markets, especially those who bought into CBT and Iona when they floated. From a single figures flotation price three years ago, CBT is now trading at more than $50, while Iona is trading comfortably more than $30 after being floated at around $12 less than a year ago.

Last week's $5 million investment in Trintech by Security Dynamics Technology and a similar-sized move by another US high-tech company in a couple of months time, puts Trintech in fine shape for a NASDAQ flotation later this year. So far, however, there is no indication that a simultaneous listing for Trintech in either Dublin or London. That is unfortunate for the Irish market and for Irish institutions who have belatedly discovered the high-tech sector having previously spurned it as too volatile.