IT firm Another9 makes €3m investment in US-based CTI

9 May 20164 Shares

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Dublin-based IT firm Another9 has confirmed it has made a ‘significant’ equity investment in the US-based software provider Commercium Technologies Inc (CTI), with the pair to become known as CTI Global.

Founded in 2000 and currently based in Baldonnel, Another9 is an IT firm that deals largely with back-up, disaster recovery and managed cloud services, but now the company is eyeing international expansion with news of its agreed deal with US company CTI.

In a statement, Another9 said that it has secured significant equity investment – believed to be in the region of €3m – in the US security consulting firm CTI, which has its headquarters in New Jersey, as well as a presence in four other US cities.

As part of the deal, the two companies will form a new entity known as CTI Global, which will combine Another9’s Irish data centre facilities with CTI’s security services portfolio and roll it out in its present market areas in Ireland, the UK, Europe, the US and the Caribbean.

Combined revenues of €25m

This, the statement said, will bring the combined revenues of the two companies to somewhere in the region of €25m.

Newly-formed CTI Global said that this funding will now be used to help develop a range of new products for its clients.

Speaking about the investment, CTI Global CEO of the Americas, William O’Brien, said: “On behalf of CTI, I am greatly pleased with the new investment as it provides us with a better platform to scale and service our international clients and business opportunities while also providing the bona fides to offer a number of our security, identity and governance products as a managed service offering. “

“We are seeing adoption of these services from a cloud perspective as being extremely efficient and economically compelling for our client base.”

Cloud image via Shutterstock

Colm Gorey is a journalist with Siliconrepublic.com

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