California-based Silicon Valley Bank (SVB) has provided an €8.25 million facility to AMCS Group, a recycling and waste management software and on-vehicle technology firm, according to a statement.
Headquartered in Limerick, Ireland, AMCS Group’s technology is used globally on more than 10,000 vehicles at more than 2,000 sites.
The company will use the financing to further pursue its acquisition strategy and for general working capital requirements.
Founded in 2003, AMCS Group has grown from a solutions provider for the Irish waste market to wholly owning subsidiaries in the UK, France, Norway, Sweden and the US. In 2013, AMCS had annual turnover of €18 million from 700 customers.
Andrew Hunt, vice president at SVB, said: “AMCS has a great history of expanding both organically year on year and through international acquisition. The company’s technology has had a significant impact on the recycling and waste industry around the world. We are very excited to be working with such a successful and growing Irish company, and look forward to further supporting Ireland’s innovation sector in partnership with the National Pensions Reserves Fund.”
SVB, an affiliate of SVB Financial Group, provides banking solutions for technology, life science, venture capital, private equity and wine businesses. It has $29 billion in AUM as at Q1 2014, with 28 branches in the US and six others internationally. It opened its first international full service branch in London in 2012.