Silicon Valley Bank provides €8.25m in financing to AMCS

3 Jul 2014

Limerick waste management software vendor AMCS has received €8.5m in financing from Silicon Valley Bank in a move that will enable it to pursue a global expansion plan and invest in R&D.

The company, which has a turnover of €18m in 2013 from 700 worldwide customers, is focused on delivering technology that increases efficiency and assures revenue for the recycling and waste management industry.

The company will also use the liquidity provided by Silicon Valley Bank to pursue an acquisition strategy.

“Having co-founded AMCS in 2003 and grown it into an internationally recognised business, I am very proud of what we have achieved,” said AMCS CEO Jimmy Martin.

“We aim to work with partners and companies that truly understand our business model and the demands of the modern business environment. Silicon Valley Bank fulfils this aim, supporting entrepreneurial businesses such as ours through its deep sector knowledge and global network.”

Silicon Valley Bank established an Irish presence in 2012 with US$100m of new lending facilities after forging a partnership with the National Pension Reserve Fund.

“AMCS has a great history of expanding both organically year on year and through international acquisition,” explained Silicon Valley Bank vice president Andrew Hunter.

“The company’s technology has had a significant impact on the recycling and waste industry around the world. We are very excited to be working with such a successful and growing Irish company, and look forward to further supporting Ireland’s innovation sector in partnership with the National Pensions Reserves Fund.”

Financial image via Shutterstock

John Kennedy is a journalist who served as editor of Silicon Republic for 17 years