Cavan-based telecoms and utilities infrastructure firm, the Obelisk Group, has managed to secure a total funding of €6m to help expand its services into the UK and South African markets.
The Obelisk Group has been in business for 20 years, having been founded by Colm Murphy and Padraig Brady, to serve the newly-emerging Irish mobile telecoms market and, to-date, has been responsible for 40pc of the country’s infrastructure.
With annual revenues of more than €20m, the company expanded its remit to power infrastructure also in 2008, and subsequently moved into the UK and South Africa in 2009 and 2010, respectively.
Now, the company has announced that it has received €3m in backing from the BDO Development Capital Fund, with subsequent matching from bank funding, with plans to use this to help grow its presence in its UK and South African operations.
‘Markets set for exponential growth’
Launched in 2014, the BDO Development Capital Fund was set up to provide development and growth capital for established, mid-sized and profitable companies to assist them in export-led growth plans.
The funding will cover Obelisk Group’s telecoms and power infrastructure services in the two nations, which currently account for 40pc of its revenues.
Speaking of this latest round of funding, the Obelisk Group’s chief executive Declan O’Neill said: “The global markets for telecommunications and power infrastructure are set for exponential growth and we believe Obelisk has the expertise and experience, coupled with lots of hard work and commitment, to capture a significant part of this growth.”
The company said it will also continue to provide investment in Ireland in terms of developing the country’s 4G infrastructure, a rollout of fibre broadband, and renewable energy investment and rapid development in the Irish electricity transmission infrastructure.