Am-Beo receives €3m funding

In an investment supported by Enterprise Ireland, Am-Beo has received €3m funding.

The company, based in Galway, is a provider of rating and revenue chain management software for the telecommunications sector.

The company hopes to employ 65 people by the end of 2002.

Making the announcement the Tanaiste said that the government and Enterprise Ireland were seeking to encourage enterprise activity in locations outside the East Coast.

She said: "This company is a clear example that Galway is an eminently suitable location of high technology start-ups with an eye to export markets."

In January, Enterprise Ireland gave €1.5 m in grant aid to the company.

In February, 2001 it obtained first round funding of €3.8m from ACT Venture Capital. At that time it had over 40 employees.

Ray Bolger, previously chairman of Telecom Eireann, is Chairman of the Board.