A Limerick-based technology company has received a major boost with the injection of €23.5m in funding from a group of venture capital investors.
Crecora-based AMCS develops software and other technology for the waste management industry. The company employs 130 staff worldwide, including 50 in Ireland. With this new investment, the company plans to double its staff levels in the next three years, with the addition of 40 jobs in Ireland.
The latest round of funding follows significant expansion in recent years in Britain, France, Sweden and the United States, with sales increasing from €8m in 2011 to €18m in 2013. AMCS now supports 700 customers globally in the rapidly growing waste management sector.
Commenting on this latest announcement, Jimmy Martin, chief executive of AMCS Group said: “Securing funding of this scale underpins our commitment to grow in new and existing markets. As the world leader in this space, these funds provide us with the opportunity to invest further in our market-leading ELEMOS software and vehicle technology to meet our ever-expanding customer needs while also increasing our reach through targeted acquisitions in growth markets”.
Mr Martin added: “We are excited to be working with Highland Capital Partners and Investec Ventures and the experience they bring will play an important part in further developing AMCS Group.”
The company was set up in 2003 by Mr Martin, who had previously worked with Analog Devices, and Austin Ryan to develop weighing technology for the for the waste and recycling industry, specialising in on-vehicle technology which, amongst other things, allowed waste disposal companies to weigh the contents of bins as they were collected.
Since then they have expanded rapidly through organic growth and acquisition and now offer a wide range of products covering all aspects of the waste and recycling industry.
Fergal Mullen, partner at Highland Capital Partners Europe, added: “AMCS is exactly the kind of high growth, world leading company we are seeking to invest in and support via our new European Growth Fund. We will do our utmost to help them achieve their vision by leveraging our global network and our experience of similarly fast growing global leaders.”