Cork-based Zartis gets €10m funding to double size by 2028

27 May 2024

From left: Padraig Coffey, Fran Stafford, Andrew Bourg, Laura Sanchez, Richard Dineen, and Angel Benito. Image: Zartis

Under the leadership of CEO Padraig Coffey, Zartis has been expanding its international presence rapidly and serves customers including ESW, Fexco and Kaluza.

Zartis, the software consultancy company, has received a €10m investment from Development Capital to accelerate international growth, significantly expand the business and branch into AI.

In an announcement today (27 May), the Irish capital fund manager founded by Andrew Bourg and Sinead Heaney said that the latest investment from its Development Capital Fund II (a €75m fund established in 2020) will help Zartis more than double its size to €50m in revenue and 500 employees by 2028.

It wall also enable Zartis to expand its AI practice with several senior AI hires to meet current and future demand. Bourg and colleague Fran Stafford will also join Zartis’s board.

“We see strong market trends supporting Zartis’ growth plan driven in part by increasing demand for the digitalisation of business processes and a shortage of IT skills,” Bourg said. “AI and machine learning are also expected to accelerate growth within the market.”

Headquartered in Cork, Zartis – which has more than 280 employees in Europe – has been expanding its international presence under the leadership of CEO Padraig Coffey with offices across Spain, Croatia, Germany, Portugal, Czech Republic and the UK.

It now provides digital services to more than 80 customers (including ESW, Fexco, Kaluza and Forto) in more than 25 industries across North America, Europe and the Middle East, including the fintech, edtech, logistics, eco-tech and medtech sectors.

“The technology services industry is at an inflection point with the massive growth in AI opportunities, and the investment from Development Capital in Zartis will help catalyse further rapid expansion of the business in the years ahead,” said Coffey.

“Development Capital has a tremendous track record in helping high quality and ambitious businesses fulfil their potential and we believe the team is an excellent fit for the unique culture we have built at Zartis.”

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Vish Gain is a journalist with Silicon Republic