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Limerick's AMCS gets E23.5m financing

Friday, January 24 12:46:20

Limerick-based environmental software and technology developer AMCS Group, has announced a E23.5 million round of financing.

The investment, led by global venture capital firm Highland Capital Partners (HCP) Europe, includes support from existing investor, Investec Ventures, through the Ulster Bank Diageo Venture Fund.

The fresh round of funding will enable AMCS to further consolidate its leadership position in international markets by funding further expansion in the Americas, Europe, Australia and New Zealand markets.

The company, which employs 130 staff worldwide, 50 of whom are based in Limerick, plans to double its staff within three years including the employment of an additional 40 staff in Ireland.

Founded in 2003 by Jimmy Martin and Austin Ryan, AMCS has established a leadership position with its unique end-to-end integrated ELEMOS software solutions for the waste, recycling and environmental sectors.

This round of funding follows significant expansion in recent years in UK, France, Sweden and USA with sales increasing from E8m in 2011 to E18m in 2013. AMCS now supports 700 customers globally in the rapidly growing waste management sector.

Commenting on the announcement, Jimmy Martin, CEO 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".

"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," Mr. Martin added.