Cork, Ireland-based Zartis, a digital services provider, announced on Monday, May 27 that it has secured €10M investment from Development Capital, the Irish growth capital fund.
The Irish company will use the funds to accelerate its international growth opportunities within the technology services sector.
Fund utilisation
The goal is to more than double in size to over €50M in revenues and 500 employees by 2028.
Additionally, there will be significant investment in its AI practice through the hiring of senior AI professionals to meet current and future demand.
It is the 14th investment by Development Capital and the first in both Cork and Munster, bringing the total value of its investments in Irish SMEs to date to €120M.
The investment in Zartis is the fifth by Development Capital Fund II, a €75M fund.
The other four investments are Spotlight Oral Care (Galway), Nomadic (Donegal), Wogan Build Centre (Louth), and IP Telecom (Dublin).
Two new board members
Fran Stafford and Andrew Bourg from Development Capital will also join Zartis’ board as part of the investment.
Andrew Bourg Development Capital Partner and Co-Founder says, “We are looking forward to partnering with the Zartis leadership team – Padraig, Angel, Laura, and Richard – as well as the senior management team to assist them in accelerating and achieving their growth plans. From our due diligence and research, we see strong market trends supporting Zartis’ growth plan driven in part by increasing demand for the digitalisation of business processes and a shortage of IT skills. Artificial Intelligence (AI) and Machine Learning (ML) are also expected to accelerate growth within the market.”
Fran Stafford Investment Director of Development Capital comments, “We have a long-standing interest in Zartis based on the culture, ambition, and values of the Zartis leadership team, the historic growth achieved to date, as well as both the current and projected market trends in its sector. We are strongly aligned with and supportive of the objectives of the leadership team to execute the growth plan, which has at its core, a culture of promoting employee empowerment, ownership, and ambition, all of which will maximise growth. We intend to assist the team to grow a bigger and enhanced Zartis which is recognised as an employer of choice in its sector.”
Zartis: Digital services provider
Led by Padraig Coffey, Zartis is a consultancy business for the tech sector, helping customers design software products and build software teams in a better way.
The company’s two key service pillars are:
- Digital Services – focused on delivering best-in-class software development for customers.
- High-Level Consulting (“HLC”) – a high-value strategic advisory service.
The company has continuously expanded its customer base, now providing digital services to over 80 customers in more than 25 industries across North America, Europe, and the Middle East.
The Irish firm has established deep expertise in high-growth sectors including FinTech, EdTech, Logistics, EcoTech, and MedTech. Examples of customers include ESW, Fexco, Kaluza, and Forto.
The company’s new AI service offers guidelines to help companies leverage AI wisely to increase productivity and efficiency.
Padraig Coffey, CEO of Zartis says “The technology services industry is at an inflection point with the massive growth in AI opportunities, and the investment from Development Capital in Zartis will help catalyse further rapid expansion of the business in the years ahead. Development Capital has a tremendous track record in helping high-quality and ambitious businesses fulfil their potential and we believe the team is an excellent fit for the unique culture we have built at Zartis. We’re delighted to welcome Fran Stafford and Andrew Bourg to the board at Zartis, as they have the vision and expertise to help us take the company to a whole other level.”
Read the orginal article: https://siliconcanals.com/news/startups/irish-firm-zartis-secures-10m/
