Zartis’ international plans boosted by Development Capital
Development Capital has announced the completion of a €10 million investment in Cork-headquartered technology services company Zartis.
The deal marks the 14th investment by Development Capital and first in both Cork and Munster, bringing the total value of its investments in Irish SMEs to date to €120 million. The investment in Zartis is the fifth by Development Capital Fund II, a €75 million fund. The other four investments are Spotlight Oral Care (Galway), Nomadic (Donegal), Wogan Build Centre (Louth) and IP Telecom (Dublin).
The €10 million investment will be used to accelerate Zartis’ international growth, with the ambition to more than double in size to over €50 million in revenue and 500 employees by 2028. As part of the investment, Development Capital executives Fran Stafford and Andrew Bourg will join the board of Zartis.
Headquartered in Cork Ireland and led by CEO Padraig Coffey, Zartis has an expanding international presence of 280 skilled professionals across Spain, Croatia, Germany, Portugal, UK and Czech Republic.
Zartis has scaled rapidly, reporting consistent double-digit annual growth rates and qualifying as a Deloitte Fast50 company consecutively for each of the past five years. Through continuously expanding its customer base, Zartis now provides digital services to over 80 customers in more than 25 industries across North America, Europe and the Middle East and has established deep expertise in high-growth sectors including FinTech, EdTech, Logistics, EcoTech and MedTech. Examples of customers include ESW, Fexco, Kaluza and Forto.
Announcing the new investment for Development Capital Fund II, Andrew Bourg Development Capital partner and co-founder said: “From our due diligence and research, we see strong market trends supporting Zartis’ growth plan driven in-part by increasing demand for the digitalisation of business processes and a shortage of IT skills… Having a portfolio company along with our Cork-based Investment Director, Fran Stafford further enhances our ability to partner with such SMEs in the region.”
Padraig Coffey, CEO of Zartis, said: “The technology services industry is at an inflection point with the massive growth in AI opportunities, and the investment from Development Capital in Zartis will help catalyse further rapid expansion of the business in the years ahead. Development Capital has a tremendous track record in helping high quality and ambitious businesses fulfil their potential and we believe the team is an excellent fit for the unique culture we have built at Zartis.”
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