Digiweb completes successful investment round
- €14.5 million new investment completed in Digiweb
- Digiweb pursuing expansion through organic growth, channel partnership and acquisition
- Currently completing 2012 recruitment programme of 25 new positions
Digiweb, Ireland’s largest independent telecommunications company has announced the successful completion of a €14.5 million round of investment into the company.
Group CEO & Founder Colm Piercy said “this investment builds on a successful year to date as we continue to grow our market share as a one-stop business services provider, launch and rapidly grow our wholesale services division, and are now positioned for expansion in Ireland and Europe, while further reducing overall debt. The €14.5 million package combines new equity investment and new bank lending and is a strong endorsement of our leading position and profitability in our markets.”
On foot of the investment, Digiweb debt reduces to €5.7 million, against projected Revenues and EBITDA of circa €40 million and €8 million respectively, positioning Digiweb as a flexible business services provider ready to avail of opportunities as they arise in Ireland and abroad.
Colm Piercy said “we look forward to working with Brian Kelly and his Quay Ventures team following their investment in Digiweb. Brian is an experienced technology investor and in welcoming him as Chairman of our Board of Directors I know he will add significantly to our leadership team.”
Speaking about the investment, Brian Kelly of Quay Ventures said “Digiweb are an exciting organisation to work with and to invest in. While we are investing in a Group with a great track record and strong balance sheet, more importantly we are investing in a company that has a great vision and ambition. This is directly in line with our strategy in these difficult times to invest in successful operators in Irish business sectors whom are likely to emerge bigger, better and stronger”.
As part of the overall investment round, new business lending has been provided by Ulster Bank. According to Group CEO Colm Piercy “this is a strong vote of confidence in our team at Digiweb who have produced excellent year round customer service, growth and results. Ulster Bank is a brand new banking relationship for Digiweb, and we welcome their vision in current times in providing substantial new facilities to a new customer as we position ourselves for future opportunities.”
Commenting on the funding announcement, Eddie Cullen, Head of Corporate & Institutional Banking at Ulster Bank said: “Digiweb has a successful track record of organic and acquisition led growth, despite the challenging economic environment. The company has developed an impressive infrastructure and technology base, which is underpinned by an ambitious and highly capable management team. We are delighted to be able to support Digiweb in the next phase of their development. This kind of funding is crucial to the success of Irish businesses and Ulster Bank is committed to supporting the Irish business community in achieving growth ambitions.”
With this investment round now completed, Digiweb is completing its 2012 recruitment programme of 25 positions, seeking to fill the remaining 10 roles by Christmas. Positions are in Business Sales, Network Engineering, Software Development and Marketing. Over the coming months staff levels will rise to 165, from 140 at the start of the year.
About Digiweb Group
Digiweb is Ireland’s leading independent telecommunications company. Founded in 1997 and headquartered in Dublin, Digiweb is a full-service national communications and managed services provider. It provides nationwide broadband access, enterprise data networks, data centre and web hosting services, managed services and telephony to residential, business and public sector customers. By virtue of its national fibre and wireless networks, unbundled exchanges, and satellite services, Digiweb owns and operates Ireland’s largest alternative last-mile access network.
Digiweb Group is led by CEO & founder Colm Piercy, the 2012 winner of the Ernst & Young Industry Entrepreneur of the Year.
About Quay Ventures
Quay Ventures Ltd. hold Irish and overseas investments across a number of sectors. Based in Dublin, the firm is actively seeking investment opportunities at present.
Brian Kelly, Managing Partner at Quay Ventures is an experienced technology investor and was Chairman of and an investor in Data Electronics Group Limited, until 2011, when it was sold to Telecity Group for over €100 million. A graduate of University College Dublin, Brian is a qualified chartered accountant and has over 30 years’ experience in a variety of technology companies and business sectors.
About Ulster Bank
Ulster Bank currently employ over 6000 people, serving the needs of around 1.9 million personal and business customers across the island of Ireland. Ulster Bank is part of the Royal Bank of Scotland Group.