Software firm plans to use financing to assist in acquisitions.
The London office of the California-based financial firm Silicon Valley Bank has provided an 8.25 million euro ($11.215 million) facility to AMCS Group, a developer of recycling and waste management software and on-vehicle technology. The company says it expects to use the additional funding to pursue its acquisition strategy and for working capital.
Earlier this year AMCS announced a 23.4 million euro $31.5 million) round of financing led by global venture capital firm Highland Capital Partners Europe and Investec Ventures through the Ulster Bank Diageo Venture Fund.
AMCS Group, headquartered in Limerick, Ireland, provides a range of technology and operates globally on more than 10,000 vehicles at more than 2,000 sites for its 700 customers.
AMCS says it focuses on delivering technology that enhances revenue assurance, increases efficiency, reduces costs and improves customer service in the recycling and waste management industry.
Jimmy Martin, co-founder and CEO of AMCS Group, says, “Having co-founded AMCS in 2003 and grown it into an internationally recognized business, I am very proud of what we have achieved. 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.”
Andrew Hunter, Silicon Valley Bank vice president, says, “AMCS has a great history of expanding both organically year on year and through international acquisition. 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.”