Thursday 27 April 2017

Version 1 targets fundraising push

Outgoing chief executive Justin Keatinge said last year that the company was aiming to hit €1bn in revenue over the next decade. Photo: Stock Image
Outgoing chief executive Justin Keatinge said last year that the company was aiming to hit €1bn in revenue over the next decade. Photo: Stock Image
Gavin McLoughlin

Gavin McLoughlin

IT services company Version 1 has been in talks with British and Irish private equity houses about raising money, the Sunday Independent understands.

The firm, which employs 900 people worldwide, has been engaged in the discussions with a view towards potentially acquiring another company by year end. It expects revenues for its 2017 financial year to come in at €100m. A spokesman for Version 1 declined to comment.

The ambitious company participated in the Irish Stock Exchange's 'IPO Ready' programme for 2015-2016. Outgoing chief executive Justin Keatinge said last year that the company was aiming to hit €1bn in revenue over the next decade.

Keatinge, who co-founded the company alongside John Mullen, is due to step down shortly as chief executive to be replaced by Version 1's chief operating officer, Tom O'Connor. In a recent LinkedIn post Keatinge said O'Connor was "an extremely impressive individual, who could very well grow Version 1 from 900 to 9,000 people in a short space of time".

"It's time to step outside my comfort zone and quit while I'm ahead... I'll retain a board seat and remain a major shareholder," he added.

Sunday Indo Business

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