Electronic payments company Trintech today reported a quarterly profit of $1.8 million ((€1.4 million) on the back of the sale its original hardware payments business.
Trintech sold the business for $12.1 million (€9.5 million) in cash to Verifone - a Californian payments solutions company - in August.
The company said revenue from its other businesses rose 26 per cent to $6.7 million for the three months to the end of October.
Software licence revenue rose 39 per cent to $4 million while service revenue increase by 10 per cent to $2.7 million.
Trintech said it had almost doubled spending on research and development during the period and that this would have a negative impact on earning in the short term.
The company's chief executive officer Cyril McGuire said Trintech planned to expand its core business aggressively and would seek further acquisition opportunities in the US and Europe.