£10.5m investment boost for telecoms software firm

A Northern Ireland company today announced a £10.5m (€15.3m) invstment in its business by leading venture capital companies.

The deal involving Belfast-based telecoms software developer Aepona is believed to be the biggest equity funding round for a Northern Ireland company for 10 years.

It will enable Aepona to exploit its position as a leading global player in a market valued at £390m (€567m) over the next five years.

The lead investor is Polaris Ventures, a Boston-based firm which has developed some of the most successful information technology companies in the United States and Europe.

Other investors include Amadeus Capital Partners (UK), Trinity Venture Capital (Ireland) and Invest Northern Ireland.

The company’s chief executive Liam Quillan said today’s funding announcement was a powerful validation of its business plans.

“We are particularly delighted that Polaris Ventures has decided to play a leading role in taking Aepona forward to the next stage of its development.”

Aepona plans to use the new funding to strengthen its sales and marketing operations in Europe, the Americas, SE Asia and Japan.

The company, which employs 140 people, has recently won deals from a number of major new clients – including Tokyo-based NEC Corporation, E-Plus, one of Germany’s largest mobile network operator and eircom.

Bob Geiman, of Polaris Ventures, who will be joining Aepona’s board said: “Our investment in Aepona reflects the fact the Polaris provides funding to companies with sound and well executed business plans.”

He added: “With such strong products and a focused management team that is making the numbers, we are delighted with our investment decision and know that Aepona will continue to develop and grow shareholder value.”