Talking Trash: Recycling Software Firm AMCS Raises €45m

This Just In, via The Sunday Business Post: AMCS, the fast-growing Limerick-based waste and recycling management software company, has raised €45 million in new investment led by New York-based venture capital firm Insight Partners.

The Ireland Strategic Investment Fund, a subsidiary of the National Treasury Management Agency, has also invested in the business, which was founded by Jimmy Martin and Austin Ryan in 2003.

The new funding round for AMCS, which is also backed by Investec Ventures, Highland Capital and Enterprise Ireland, is one of the largest ever from an Irish software company.

The company will use the new capital to fund its international growth as well as target acquisitions in its core existing markets and central Europe where it hopes to expand.

Jimmy Martin, the chief executive of AMCS, said: “This investment by Insight and ISIF will allow us to accelerate our product development and international growth as we help drive maximum value for our customers by providing them with software solutions and critical data to create efficiency and scalability.”

“Insight brings great experience to developing companies with similar dynamics to those we have at AMCS today,” he added.

Industry sources estimated the fundraising valued AMCS at between €80 million and €100 million making it one of the most valuable Irish software companies.

Euan Menzies, managing director at Insight, will join the firm’s board following the transaction.

“We are pleased to partner with Jimmy and the management team at AMCS in order to foster continued international growth,” Menzies said.

This is the second major investment by Insight in Ireland after it put $75 million into Irish banking software company Fenergo in July.

Highland venture partners Tony Zappala and Fergal Mullen joined the board of AMCS in January 2014 after their fund led a €23.5 million financing round.

Michael Murphy, managing partner of Investec Ventures, also sits on the AMCS board.

Investec, previously NCB, has backed AMCS since 2006 when one of their funds first invested €500,000 in the company. AMCS employed 275 people at the end of 2014.

Originally published in The Sunday Business Post.

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