Limerick-based wWaste firm to collect €10m in new funding

Fresh funding will be used by AMCS to expand into US and European markets

AMCS, the fast-growing Limerick-based waste software firm, is close to completing a new private equity fundraising of up to €10 million.

The company, founded by Jimmy Martin and Austin Ryan in 2003, has been on the acquisition trail in the last two years, buying up rivals in Europe and North America.

The fresh funding will be used to expand into these markets and may also fund future deals as it consolidates new markets.

Former Newbay director Paul McKeon's accountancy firm Hogan & Associates, which specialises in fundraising for technology firms, is believed to be advising the low-profile firm. Both AMCS and Hogan & Associates did not return calls for comment.

AMCS is currently backed by WHEB Ventures, a European clean-tech private equity firm; Enterprise Ireland; Business Expansion Scheme investors; and its management. Its new funding round will include existing shareholders but is also expected to bring in a new European funder.

AMCS is growing fast and its most recent financial accounts show it making a small profit on sales of €12.2 million in its financial year to the end of 2012. This represented a 52 per cent growth in sales of €8 million the previous year.

Following the 2012 acquisitions of waste services and solutions firms Wanelid in Sweden and Insight in the US, its turnover is now thought to be about €20 million. It also set up a new business in France the same year. Mr Martin has said in interviews he hopes turnover to exceed €24 million in 2014. AMCS is expanding partly as a response to more stringent demands from waste regulators globally that requires firms to invest in technology.

AMCS’s software automates operations from end-to-end for its customers, doing everything from tracking to emptying and weighing waste containers. Its software manages more than €2 billion in invoicing revenue.

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