ICabbi targets €15m annual revenue after Disc purchase
22 January 2016 | 0
Taxi dispatch technology company iCabbi has announced its acquisition of UK-based Disc for €1.2 million. The move comes as part of an overall strategy to see the firm reach an annual revenue target of €15 million through expansion into the UK and US.
The company has seen growth of 300% in the past year on the back of seed funding rounds totalling €1 million in 2012 and 2013 led by Dublin BIC through the AIB Seed Capital Fund and co-investment from Enterprise Ireland and the Bloom Equity Group.
The news follows iCabbi’s announcement that it would be adding 20 jobs spread across research and development, customer service, sales and marketing, and technical support at its Howth base this year. The company has a significant presence in Ireland, with more than 70% of private taxi companies with more than 50 cars using its software.
The company’s cloud-based solution connects drivers with passengers looking for a taxi, its features include a customer booking app, website booking engine, a ‘track my taxi’ feature, automated phone system and SMS text backup.
Gavan Walsh, founder and CEO, iCabbi, said: “We are expanding our presence and growing our team due to the incredible demand for our systems. With the support of Dublin BIC, AIB Seed Capital Fund, Enterprise Ireland and the Halo Business Angel Network (HBAN), we have set ambitious but pragmatic targets to become the largest technology provider to taxi companies in Ireland, the UK, and US.”
Richard Watson, investment manager, Dublin BIC added: “iCabbi is a great example of a disruptive Irish tech start-up company which has entered into a phase of accelerated international growth and is positioned for significant expansion over the months and years ahead. These are the companies that are driving Ireland’s economic growth and we are thrilled to support and to be a part of that. Taxi companies have historically been slow to adapt to technology, allowing companies like Hailo and Uber to take huge market share. iCabbi is enabling taxi companies to compete with these internet giants.”