Belfast-based data management specialist has secured a seven-figure investment from an existing shareholder and an Icelandic fund in a move that it hopes will expand its operations.

A Belfast-based data management specialist has secured a seven-figure investment from an existing shareholder and an Icelandic fund in a move that it hopes will expand its operations. Datactics, which serves companies such as Bank of Ireland, Philips and KPMG, secured the capital from Viridian Growth Fund and Thule Investments.

Viridian, managed by Belfast-based Clarendon Fund Managers, provided £250,000 after originally backing the company in March 2007. Reykjavik firm Thule Investments invested £750,000.

Datactics chairman John Mulcahy said this is an exciting time for the company, as the world is facing increasingly complex data security challenges.

Datactics was advised on the legal issues by A&L Goodbody. Peter Stafford, who led its team with Maeve Curley and Kate Cooper, said the firm was brought into the transaction due to its experience of advising on fundings involving private equity and venture capitalists in Northern Ireland.

Founded almost a decade ago, Datactics has become a major provider of data cleansing and reporting systems.