IT services company Version 1 is to create 100 new jobs in Dublin after becoming the first company to receive funding from the €75m BDO Development Capital Fund.
The Dublin-headquartered company has received an €8m investment from the fund to drive its international expansion.
The fast-growing company has projected revenues that will surpass the €1bn mark within the next 10 years and has been growing through a combination of organic and acquisitive growth.
Justin Keatinge founded the company in 1996. Version 1 now has operations in Ireland and the UK.
“Version 1 is enjoying a very exciting stage,” Keatinge said.
“Today’s announcement provides us with the investment needed to take our growth and planned development through acquisition.”
The BDO Development Capital Fund forms part of the Irish Government’s Development Capital Scheme, an initiative under the Action Plan for Jobs through which a total of €225m is being made available to mid-sized Irish companies with significant growth potential.
As part of this scheme, €75m in funds from the Department of Jobs, Enterprise and Innovation through Enterprise Ireland will be matched with €150m of private-sector funding for investments in Irish companies through a series of different funds.
“At the heart of the Action Plan for Jobs is supporting the development of a powerful engine of Irish exporting enterprise,” the Minister for Jobs, Enterprise and Innovation Richard Bruton said.
“Today’s announcement shows the concrete benefits of this scheme. Here is a successful Irish IT company, already growing rapidly in export markets, which as a result of today’s investment will have access to more growth capital and expertise, enabling it grow faster and create more jobs in Ireland.”
Quality management teams
BDO Development Capital Fund director Sinead Heaney said Version 1 is a good example of a growth-focused, market-leading Irish company that typifies the kind of organisation the fund was set up to support.
She said the new fund has been impressed with the calibre of companies, management teams and founders it has engaged with so far.
”We have been impressed with the level of enquires for funding from businesses across all sectors but in particular food and agri, ICT and medical devices since we launched.
“These enquires are from businesses with significant export opportunities and ambitious management teams who have the drive and confidence to take on the funding to accelerate their growth plans. We look forward to making further announcements in relation to the funds’ investments in the coming months,” Heaney said.
New job image, via Shutterstock