AMCS Group, a Limerick-based software and technology platform for the waste management industry, has raised €23.5m in financing in a round led by Highland Capital Partners (HCP) Europe and existing investors Investec and the Ulster Bank Diageo Venture Fund.
Jimmy Martin and Austin Ryan founded AMCS Group in 2003, and since then, the company has established a leadership position with its ELEMOS software platform for the waste, recycling and environmental sectors.
The company, which employs 130 staff worldwide (50 in Limerick), plans to double its staff within three years, including 40 new employees in Ireland.
The round of funding follows significant expansion in recent years in the UK, France, Sweden and the US, with sales increasing from €8m in 2011 to €18m in 2013.
The company counts 700 customers in the rapidly growing waste-management sector.
Expansion into new markets
“Securing funding of this scale underpins our commitment to grow in new and existing markets,” said Martin, CEO of AMCS.
“These funds provide us with the opportunity to invest further in our market-leading ELEMOS software and vehicle technology to meet our ever-expanding customer needs while also increasing our reach through targeted acquisitions in growth markets,” Martin said.
Following the investment, two of Highland Capital Europe’s senior team, Fergal Mullen, founder and partner, and Tony Zappala, partner, will join the board of AMCS Group.
“AMCS Group is a very attractive business with patented unique software solutions that are leading the way business and governments make the move from simply handling waste to managing resources and providing better services to customers,” Zappala said.
“With an increasing focus on recycling and growing populations, AMCS has unrivalled capacity to grow its market share in existing and new markets. We look forward to working with Jimmy, Austin and the team as they expand the business both organically and through acquisitions.”