Limerick-based AMCS secures €8.25m funding facility

AMCS Group, a Limerick-based waste and recycling management software company, has agreed an €8.25 million funding facility with Silicon Valley Bank, a US-based high-tech commercial bank.

SVB is now the Irish firm’s primary banker as AMCS expands internationally after closing a €23.5 million fundraising round led by Highland Capital Partners (Europe) in January.

AMCS intends to use its new facility to fund working capital requirements and to pursue its acquisition strategy.

AMCS,which was founded by Jimmy Martin and Austin Ryan, bought PC Scale Technologies, based in Pennsylvania, for an undisclosed sum in February, adding $10 million (€7.3m) to its turnover and making it the world’s largest waste-management software company. It has bought businesses in the UK, North America and in Nordic countries.

Business model

Mr Martin, chief executive of AMCS, said: “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, supporting entrepreneurial businesses such as ours through its deep sector knowledge and global network.”

AMCS had revenues of €18 million in 2013, and Mr Martin said he expected this would rise to between €27-€28 million this year based on organic and acquisition growth.

“SVB will help us grow and acquire more businesses. Our focus in particular at the moment is expanding into mainland Europe, Australia and New Zealand.”

Mr Martin said AMCS had previously used about eight banks worldwide, but the SVB deal meant it would now primarily use just it. “The banks in Ireland have a lot of work to do to understand the needs of technology companies. They don’t understand technology company balance sheets or the value of IP (intellectual property).”

AMCS has 700 customers worldwide. Mr Martin said it currently employed 185, and was seeking to hire 20 more.