State fund backs software firm expansion with €19m
The Ireland Strategic Investment Fund is to invest €19m directly in Kaseya, a global software firm, in the first deal of its kind.
The Ireland Strategic Investment Fund (Isif) usually invests through funds run by investment managers. Kaseya is set to create up to 130 jobs at the company's Dublin site.
Fred Voccola, CEO of Kaseya, said that Ireland was a great place to develop the company's "industry-leading software solutions".
"Our contribution to Ireland's vibrant, dynamic software sector will help to bolster the country's growing reputation as an IT leader, while creating significant additional value for our investors," he said.
Isif said its commitment was aimed at filling an existing funding gap for established and growing Irish software businesses.
"This investment promises a significant economic impact. It will bring high-quality software jobs and further cement Ireland as the destination of choice for global software companies seeking an EU presence," said Fergal McAleavey, head of private equity of ISIF.
Isif's investment is part of a wider funding round that will see Kaseya raise over €38m.
Kaseya provides IT management solutions to support managed service providers and mid-market enterprises in over 20 countries. It is majority owned by Insight Venture Partners, which has invested substantial funds in the tech firm.
Kaseya said yesterday that it is also planning to launch a collaboration programme with third-level universities and institutes of technology throughout Ireland, similar to a programme in the US.
The new scheme in Ireland is expected to include internships at Kaseya. It's hoped it will help create a pipeline of skilled computer science graduates.