Security firm Netwatch secures €19.5m to fuel US and UK plans

Carlow-based security company Netwatch has secured a €19.5m investment to fuel its expansion into the international markets.

The BDO Development Capital Fund will provide €9m — the largest of its five investments so far — with Bank of Ireland providing the additional €10.5m in debt financing.

The funding boost will enable the company which uses security cameras coupled with intelligent software to detect suspicious events and monitor client assets to accelerate its expansion into the US and UK.

That expansion could see the company double in size in the coming years, according to Netwatch chief executive David Walsh.

“In the middle of the recession, we focused on research and development and expanding the business internationally.

“The Netwatch value proposition is well received in the USA and this investment will enable us to capitalise on the great opportunity that the US presents. We are confident that we can double the size of the company over the next three years,” Mr Walsh said.

Mr Walsh said Netwatch is experiencing significant interest in its services given the demand for real-time response systems and insurance pressure to reduce liabilities

The project is supported by Enterprise Ireland through its investment in the BDO Development Capital Fund.

As part of the investment, Sinead Heaney, Development Capital investment director, has joined the Netwatch Board.