The present invention provides an IR-absorbing dye suitable for formulating a water-based inkjet ink, said dye being of formula (I): ##STR00001## wherein: M is selected from Ni, Pd or Pt; R.sup.10 and R.sup.11 are independently selected from C.sub.1-30 hydrocarbyl, or R.sup.10 and R.sup.11 together are joined to form a C.sub.2-30 hydrocarbylene group; R.sup.12 and R.sup.13 are independently selected from C.sub.1-30 hydrocarbyl, or R.sup.12 and R.sup.13 together are joined to form a C.sub.2-30 hydrocarbylene group; wherein at least one of R.sup.10, R.sup.11, R.sup.12 or R.sup.13 comprises a hydrophilic group.Dyes of this type are especially suitable for use in NETPAGE and Hyperlabel systems.