Kernel Capital through the Bank of Ireland Seed and Early Stage Equity Fund has led a €900,000 investment in XINTEC, a provider of fraud management and revenue optimisation solutions to telecom operators.
Established by entrepreneur Sean Killeen in 2007, XINTEC re-located to Ireland in 2011 with the support of Enterprise Ireland. The syndicated investment comprises of a €350,000 investment by the Bank of Ireland Seed Fund with the remainder of funds provided by Enterprise Ireland, and private BES investors. The company currently employs 12 people at its Dublin office.
"Increased competition in telecoms is driving operators to implement measures to decrease operating expenditure; revenue assurance and fraud management solutions are integral to this strategy. Kernel Capital is pleased to support Irish companies like XINTEC operating in this important space," said Orla Rimmington, operations director, Kernel Capital.
According to Sean Killeen, XINTEC’s CEO: "Ireland is home to some of the industry’s top talent and it’s for this reason, along with an objective to grow this business indigenously, that we sought to re-locate the company here. XINTEC already punches above its weight in overseas markets, and offers a uniquely appealing environment for employees with the skills and drive to make a difference on the world stage… A positive culture and can-do attitude play an essential role in the success of an early-stage company and we are very excited by the level of enthusiasm and support out there for our business."
Michael Moriarty, Enterprise Ireland manager high potential start-ups added: "We see XINTEC as a candidate for strong growth with the potential to create quality jobs in Ireland. Enterprise Ireland looks forward to continuing to work with the company on their international expansion plans."
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