April 30, 2018 07:00 AM Eastern Daylight Time
LIMERICK, Ireland--(BUSINESS WIRE)--AMCS, the world’s leading supplier of integrated software and vehicle technology for the resource management, waste collection and recycling industry, today announced the completion of a significant investment from Insight Venture Partners and Ireland Strategic Investment Fund (ISIF).
The investment will be used for continued product innovation in AMCS’ suite of SaaS products and related technologies, to further accelerate the Company’s growth in North America, Europe and Australasia, and to expand AMCS’ SaaS Platform into adjacent vertical markets.
“Today’s announcement represents a major milestone for AMCS,” said Jimmy Martin, CEO and founder of AMCS. “In addition to providing capital that will enable us to continue to grow and innovate for our customers, this further investment by two of our long-term strategic partners demonstrates their confidence in our business, strategy and team. This confidence is reflected in our plans to further roll out the most comprehensive cloud-based SaaS platform for the resource management, waste collection and recycling markets.”
Under the terms of the funding, Euan Menzies, Senior Advisor at Insight Venture Partners, Henry Frankievich, Vice President at Insight Venture Partners, and Robert Schnittger, Investment Director at ISIF will serve on the AMCS Board as non-executive directors.
“Since our initial investment in 2015, Insight Venture Partners has taken pride in the growth and success of the AMCS team,” said Euan Menzies, Senior Advisor at Insight who will assume the role of Board Chairman. “As the clear leader in technology solutions for the recycling and waste management communities, AMCS has continued to establish their stake in the ground across geographies. We look forward to their continued international growth.”
The investment comes as AMCS closed out a record 2017. AMCS experienced more than 50% growth in the adoption of its SaaS solutions by the world’s most successful operators in waste collection and recycling, and announced the completion of its acquisition of Brady Recycling Solutions. To accommodate AMCS’s rapid growth, the Company will be opening a new global headquarters at City East Plaza, Limerick, Ireland in late summer 2018. The additional office space will support the Company’s continued expansion as it creates 100 new jobs in Product Development, Sales, and Global Customer Support over the next 3 years.
Fergal McAleavey, Head of Private Equity of ISIF said: “We’re delighted to invest in AMCS again and support their continued development as a global software business. This new investment will help to create and sustain up to 100 jobs and deliver a new global headquarters in Ireland’s mid-west. It is an excellent example of a high-quality investment that fits ISIF’s “double bottom line” mandate of generating a commercial return and supporting economic activity and employment in Ireland.”
With offices in North America, Europe and Australia, AMCS is the leading supplier of integrated software and vehicle technology for the waste, recycling and material resources industries. We help over 1500 customers to reduce their operating costs, increase asset utilisation, optimise margins and improve customer service. AMCS’ Platform is a suite of best-in-class SaaS solutions that includes industry-specific Enterprise Management Software, Intelligent Optimisation, Mobile Workforce, Vehicle Technology, Digital Engagement and Analytics solutions, which delivers digital innovation to the emerging circular economy around the world. For more information please visit - www.amcsgroup.com
About Insight Venture Partners
Insight Venture Partners is a leading global venture capital and private equity firm investing in high-growth software companies that are driving transformative change in their industries. Founded in 1995, Insight has raised more than $18 billion and invested in over 300 companies worldwide. Our mission is to find, fund and work successfully with visionary executives, providing them with practical, hands-on growth expertise to foster long-term success. Across our people and our portfolio, we encourage a culture around a core belief: growth equals opportunity. For more information on Insight and all its investments, visit insightpartners.com or follow us on Twitter @insightpartners.
The Ireland Strategic Investment Fund (ISIF), managed and controlled by the National Treasury Management Agency (NTMA), is an €8.7 billion sovereign development fund with a unique mandate to invest on a commercial basis in a manner designed to support economic activity and employment in Ireland.
ISIF differs from other pools of capital as it has a long investment time horizon and can act as a permanent or patient source of long-term capital. ISIF funding provides flexibility throughout the capital structure to meet changing capital needs in the marketplace. For more information, please visit http://isif.ie.