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€75M BDO Development Capital Fund Announces First Investment

Up to 100 additional jobs to be created

The BDO Development Capital Fund today announced its first investment since the launch of the €75million fund by Jobs Minister Richard Bruton 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.

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 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 Bruton 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. 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.

Discussing potential future investments by the BDO Development Capital Fund, Sinead Heaney, founding Director of The BDO Development Capital Fund said:

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.

Read the full press release