AMCS agrees €8.25m financing facility with Silicon Valley Bank

Limerick-based specialist software company AMCS Group has agreed an €8.25 million financing facility with niche lender, Silicon Valley Bank, with the funds set to be used for acquisition-led growth.

The latest lending round follows on from AMCS — which specialises in environmental technology solutions for the likes of fuel-efficient vehicle makers and the waste management and recycling sectors — creating 130 jobs on the back of a €23.4m funding round, led by global venture capital firm, Highland Capital Partners Europe and Investec Ventures, via the Ulster Bank Diageo Venture Fund, back in January.

The new loan, from Silicon Valley Bank, which is seen as the premier lender to the technology and life sciences sectors, will boost the general working capital requirements of AMCS, but also help it pursue its acquisition strategy.

SVB’s vice president, Andrew Hunter, said: “We are very excited to be working with such a successful and growing Irish company, and look forward to further supporting Ireland’s innovation sector in partnership with the National Pensions Reserve Fund.”

AMCS has a global customer base of 700 companies and an annual turnover of €18m. Founder and chief executive, Jimmy Martin has previously stated the firm’s intention to expand further, through targeted acquisitions in growth markets, and yesterday stated the importance of financing from the likes of SVB.

“We aim to work with partners and companies that truly understand our business model and the demands of the modern business environment. Silicon Valley Bank fulfils this aim.”