IT SERVICES COMPANY VERSION 1 RECEIVES €8M TO DRIVE INTERNATIONAL EXPANSION
Up to 100 additional jobs to be created with support from Department of
Jobs through Enterprise Ireland
28 July 2014
The BDO Development Capital Fund today (Monday) announced its first
investment since the launch of the €75million fund by the Minister for
Jobs, Enterprise and Innovation, Richard Bruton TD, in March this year. The
Fund managed by Development Capital, a 100% subsidiary of BDO, has invested
€8 million in Version 1, one of Ireland’s fastest growing IT services
companies.
This project is supported by the Department of Jobs through Enterprise
Ireland.
The investment will enable Version 1’s further expansion into the UK and
creation of up to 100 additional IT consultancy jobs in Ireland. The BDO
Development Capital Fund provides development and growth capital for
established, mid-sized and profitable companies to assist them to achieve
and accelerate their export-led growth plans.
Version 1 was founded in 1996 by Justin Keatinge and is today one of the
fastest growing IT services companies in Western Europe. The company has
grown organically to become a trusted technology partner to major domestic
and international customers across all industry sectors in the UK and
Ireland. The company has doubled both profitability and revenue over the
last few years, while at the same time delivering consistent improvement in
customer satisfaction and world-class employee engagement.
The BDO Development Capital Fund forms part of the Government’s Development
Capital Scheme, an initiative under the Action Plan for Jobs through which
a total of €225million is being made available to mid-sized Irish companies
with significant growth potential. As part of this Scheme, €75million in
funds from the Department of Jobs through Enterprise Ireland will be
matched with €150million of private sector funding for investments in Irish
companies through a series of different funds.
Minister for Jobs, Enterprise and Innovation, Richard Bruton TD said: “At
the heart of the Action Plan for Jobs is supporting the development of a
powerful engine of Irish exporting enterprise. We have put in place a range
of measures to deliver this, including the establishment with support from
my Department of €225million Development Capital Scheme to support growing
mid-sized Irish companies and help them become the large employers of the
future. Today’s announcement shows the concrete benefits of this scheme.
Here is an successful Irish IT company, already growing rapidly in export
markets, which as a result of today’s investment will have access to more
growth capital and expertise, enabling it grow faster and create more jobs
in Ireland. I am delighted to welcome the up to 100 additional jobs Version
1 will create as a result of the investment announced today, real tangible
benefits for the Irish economy from the ingenuity of our businesses with
support from Government”.
Announcing the Fund’s first investment, Sinead Heaney, founding Director of
The BDO Development Capital Fund said:
“Version 1 is an excellent example of a growth focused, market-leading,
Irish company - the type of company that this fund was set up to support.
Throughout our process, we have been hugely impressed by Version 1’s
management team and their track record of achievement. We are delighted to
be joining the founder and management team to further accelerate the growth
of the business.”
Discussing potential future investments by the BDO Development Capital
Fund, Ms. Heaney added:
”We have been impressed with the level of enquires for funding from
businesses across all sectors but in particular food and agri, ICT and
medical devices since we launched. These enquires are from businesses with
significant export opportunities and ambitious management teams who have
the drive and confidence to take on the funding to accelerate their growth
plans. We look forward to making further announcements in relation to the
Funds’ investments in the coming months.
Version 1 founder Justin Keatinge said:
“Version 1 is enjoying a very exciting stage. Today’s announcement provides
us with the investment needed to take our growth and planned development
through acquisition. We are a results driven organization, which prides
itself on helping our partners strive for excellence in their areas of
expertise. We can also now tap into the expertise that comes with The BDO
Development Capital Fund ; the support of both the Fund’s advisory panel
members and the Fund’s Corporate Partners, Bank of Ireland, Glen Dimplex,
CRH and Glanbia. The Development Capital team have a wealth of experience
in supporting growing businesses such as ours which was a key factor for
Version 1. I would also like to thank and acknowledge Goodbody’s and Maples
and Calder for their support.
ENDS
Note for editors: Photographs are available (after 1pm).
For reference:
For BDO Development Capital Fund:
Conor Dempsey
Dempsey Corporate
Tel: +353-(0)86-247 9892/ E-mail: conor.dempsey@dempseycorporate.com
For Version 1:
Paul Allen: 0035316769575 / 00353872575700
Patrick Jones: 0035316769575 / 00353872928140
Paul Allen & Associates
For Minister Bruton: Press Office, Department of Jobs, Enterprise and
Innovation, 01-6312200, press.office@djei.ie
About the BDO Development Capital Fund & Development Capital Limited
The BDO Development Capital Fund is a €75 million Fund aimed at investing
development and growth capital in established, mid-sized and profitable
companies to support and accelerate their export growth plans. The Fund is
managed by Development Capital, a 100% subsidiary of BDO.
Development Capital has created a unique and unprecedented smart funding
model centred on a partnership approach that, in addition to substantial
capital, will give the selected companies access to advice and
international contacts from a range of large Irish corporate and senior
business executives. The corporate partners to the fund include Bank of
Ireland, CRH plc, Glanbia plc and Glen Dimplex. The fund will be invested,
over a period of three years, in approximately 15 companies. The Fund will
invest between €2million and €10million for an investment term of five
years.
BDO Smart Funding Model and Advisory Board Led by Investment Directors
Sinead Heaney and Andrew Bourg, the team at Development Capital have
developed a unique Smart Funding Model for the BDO Development Capital Fund
that combines capital with access to, both corporate and executive
experience as well as international contacts. The fund capital sources
include Enterprise Ireland, Bank of Ireland, CRH plc, Glanbia plc and Glen
Dimplex.
This unique approach combines to create a broad and deep bank of
international business experience for investee companies to draw upon. In
addition to the Corporate Partners who have committed both funding and
expertise to assist investee companies, the investee companies have access
to proven industry experts who have created, grown and developed Irish
Companies into international success stories comprising: Denis Brosnan
(former CEO of Kerry Foods), Alan Crosbie (Former Chairman Irish Examiner
and family business expert), Dr. Noel Kelly (former Executive Director of
Kentz), Dr Jim Mountjoy (founder of Euristix) and Helen Ryan (former CEO
Creganna Tactx Medical). The Development Capital Investment Directors are
supported by an Investment Committee chaired by Eoin O’Driscoll (Chairman
of SWS).
www.developmentcapital.ie
About Version 1
Version 1 has a 500-strong workforce across the UK and Ireland focused on
proving that IT can deliver real benefits to its customers’ businesses. In
the past eight years, Version 1 has acquired a number of companies,
including Prose Software (2006) and PM Centrix (2010). More recently it
acquired two UK-based companies: the business operations of Northern
European IT Services Company Tieto Corporation in November 2013 and Rocela
Group in January 2014. Version 1 has offices in Belfast, Dublin, Cork,
Edinburgh, Manchester and London.
An industry recognised award-winning IT
services company, Version 1’s
recent accolades have included:
· UK OUG Database Partner of the Year
· Top 50 Best Workplaces in Europe - Great Places to Work ®
· Deloitte Best Managed Company
· Oracle Platinum Partner
· Microsoft Partner of the Year
· Amazon Web Services Advanced Consulting Partner
· ISO 20000 Certification
· Company of the Year, Tech Excellence Awards 2014
About Enterprise Ireland
Enterprise Ireland is the Irish Government agency that works with Irish
enterprises to help them start, grow, innovate and win export sales on
global markets. Enterprise Ireland partners with entrepreneurs, Irish
businesses, and the research and investment communities to develop
Ireland’s international trade, innovation, leadership and competitiveness.
The ultimate objective is increased exports, employment and prosperity in
Ireland.
www.enterprise-ireland.com