DUNDALK-based firm Digiweb, Ireland's largest independent telecommunications company, has announced the successful completion of a €14.5 million round of investment into the organisation and wants ten new workers by Christmas.
Group CEO and 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 around €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.
Mr. 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, Mr. Kelly 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.'.
As part of the overall investment round, new business lending has been provided by Ulster Bank. According to Mr Piercy this shows 'a strong vote of confidence' in the team at Digiweb 'who have produced excellent year round customer service, growth and results'.
Eddie Cullen, Head of Corporate and 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'.
Digiweb is completing its 2012 recruitment programme of 25 positions, seeking to fill the remaining ten roles by Christmas in areas such as business sales, network engineering, software development and marketing and, over the coming months, staff levels will rise to 165, from 140 at the start of 2012.