10CMS secures €2.5m in funding
Irish technology company 10CMS has secured €2.5m funding from UK-based Octopus Investments along with Sadlier Reilly Capital and several other investors.
The investment represents an endorsement of the company’s Commerce Content Management platform and strategic direction, which are expected to drive year-on-year revenue growth of more than 100pc this year.
The company witnessed significant growth in its client base with the addition of household names such as Tesco, Jimmy Choo, A|Wear, Waterford Wedgewood, LK Bennett, Heal’s, Halfords and Conran Shop.
The funding will help the company consolidate its market position in the UK, repeat its success in other international markets, such as the US, and continue to develop its SaaS-based Commerce Content Management platform.
Fergal O’Mullane, co-founder and VP, strategic business development, said: “(The year) 2010 was a very successful year in terms of product development and sales. This fresh investment gives us the resources we need to consolidate our market position in the UK and Ireland and continue the development of a world-class Commerce Content Management platform.
“Online retail sales reached $600bn globally in 2010 and are continuing to grow at almost 20pc per annum. At 10CMS, we have developed a platform that solves a number of key challenges facing online retailers, not only delivering significant cost savings, but also helping to drive increases in sales.”
The recently released version 3 update to its Commerce Content Management platform is the first on-demand platform to extend from websites into mobile devices, such as the iPad, and online sites, like Facebook, while building in support for standards like HTML5.
Jo Oliver, from Octopus Investments, commented: “All websites are facing the ever-increasing challenges of attracting customers; keeping them engaged; and, most importantly, monetising them. 10CMS enables its e-commerce clients to easily and dynamically update their websites in-house, thereby helping address these challenges and delivering immediate revenue and cost benefits. The team at 10CMS have done fantastically well to develop market-leading technology which already has impressive commercial traction, and we are looking forward to partnering them to significant further growth, both in the UK and internationally.”