Dermot Desmond among backers as Intune secures €22m in funding

DUBLIN-based telecommunication equipment supplier Intune Networks has secured €22 million in funding from a diverse range of backers including financier Dermot Desmond, Enterprise Ireland and venture capital firm Kernel Capital.

The investment – which is the largest private equity deal for a telecoms equipment company in Europe, to date this year – is aimed at supporting Intune’s growth ambitions in Dublin and Belfast.

As well as input from Mr Desmond and Kernel, additional funding was supplied by Balderton Capital, Amadeus Capital and Spark Capital – all of which were existing investors in the firm. Enterprise Ireland and Invest Northern Ireland also took part in the funding round, which was facilitated by Bowen Advisors. Intune will use the money for a full commercial launch of its technology, which helps revolutionise how next generation networks and web services are developed and delivered. It will also aid the company’s efforts in expanding its market coverage beyond the European network carriers and into the North American and Asian markets. Mr Desmond said he got involved to support the development of a technology “that will change the way that telecommunications services are delivered”.

“I’m also delighted to have the opportunity to invest in an Irish company that has developed such a ground breaking technology. More innovation of this kind will help to re-invigorate the North and South economies,” he added.

Intune chief executive Tom Fritzley said: “There are tremendous global opportunities for Intune to roll out its innovative technology to help revolutionise how next generation networks and web services are developed and delivered. We are now fully resourced and sufficiently funded to take advantage of these opportunities, to grow the company in new geographies and to cement our leadership in markets where we are already established.”