Intel to invest in Am-Beo?


25 Nov 2002

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Galway-based software developer Am-Beo is set to receive a funding injection from Intel Capital, the chipmaker’s venture capital arm, according to industry sources.

The two companies are understood to be negotiating a deal that would see Intel Capital take a stake in the software firm. If the deal were to go ahead, it would be Intel’s first investment in an Irish company for over a year.

Am-Beo develops advanced billing systems for the communications industry. Its flagship product, Rate-rec, enables operators to offer new revenue generating services to their installed customer base.

Established in March 2000, Am-Beo currently employs 52 people in Galway and plans to increase this to almost 100 by March 2003. Last March, it raised €10m in second-round funding from UK-based Advent Venture Partners and Dublin’s ACT Venture Capital.

Am-Beo has an office in Denver in the US and began its expansion into Europe in August when it opened offices in Paris and Madrid.

At time of publishing no one from the company was available for comment on the Intel investment.

By Brian Skelly