A Dublin software firm is planning to expand after becoming profitable for the first time last year, The Sunday Business Post reports.

Information Mosaic, which makes software to manage financial risk and employs 250 people, made a profit of €1.2m in 2009. The company is projecting revenues of more than €20m in 2010, up from €17.3m last year and expects to increase revenues by 30% a year for the next five years.

The firm will open a sales and support office in Malaysia to complement the eight offices it already has overseas.  John Byrne, the founder and chief executive, said the company had been experiencing significant growth in Asia in particular, fuelled by the volatility in international markets.

Byrne founded the company in 1997 and has subsequently raised €40m in funding.

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