By Supervisor Supervisor, 28 August 2001 08:21
NEWS Baltimore Technologies, the Irish encryption specialist, will say goodbye to New York and the Nasdaq stock exchange next month as it seeks to cut costs. The company says it can save up to £2m a year by concentrating its resources on the London Stock Exchange (LSE). Like many other European companies, the Dublin-based firm sought the prestige of a secondary listing on the technology-heavy Nasdaq. Having a US listing also helps European companies make acquisitions in the States because they can use American depositary receipts rather than cash. Now, however, the company that has seen its value crumble from £13bn to £115m is looking for ways to reduce its overheads rather than grow through acquisition. It currently employs a handful of staff to prepare US-style earnings reports each quarter to satisfy financial regulators. Those jobs will go when Baltimore exits the Nasdaq. Baltimore floated on the LSE back in 1998 as Zegro.
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