Development Capital invests €6m in IP Telecom
IP Telecom has secured a €6 million investment in the company by Irish investment firm Development Capital. The minority investment by Development Capital will be used to accelerate the company’s organic and acquisitive expansion plans in the business telephony sector, with the intention to increase annual revenues from a forecast of €6 million in 2023 to €11 million in FY2024.
The investment brings Development Capital’s total investments in Irish SMEs to €100 million since 2013.
Headquartered in Park West Business Park, IP Telecom was established in 2010 and is led by Shena Brien, CEO, and Brian Chamberlain, CTO. The company’s customers are located throughout Ireland and include Sureskills, Portwest, Decathlon, Repak, Right Price Tiles and the Irish Cancer Society.
The deal is the thirteenth investment by Development Capital, bringing the total value of its investments in Irish SMEs to date to €100 million. The investment in IP Telecom is the fourth by Development Capital Fund II, the second €75 million fund managed by Development Capital.
Announcing the new investment made by Development Capital Fund II, Anthony O’Driscoll, investment director, Development Capital, said: “We are excited to partner with and back IP Telecom’s goal of becoming a significant player in the hosted business telephony sector, which has experienced significant recurring revenue growth and demand in recent years.”
Shena Brien, CEO of IP Telecom said: “Since the very beginning of IP Telecom in 2010, we have experienced consistent growth. Together with Development Capital, who share our vision for success, we are looking forward to reaching new heights. At the start of 2023, we set out our goals for the year: the continuation of providing impactful and improved telecom services nationally. With this investment, our innovative technology solutions, dynamic customers, and Anthony O’Driscoll’s counsel on our board, we are set to fulfil this goal and much more as part of the thriving, innovative tech ecosystem in Ireland.”
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