Carlow-based security company Netwatch has raised €19.5 million in investment, its largest funding to date, as it eyes international growth.
The company, which uses a combination of high quality security cameras and intelligent software to monitor client sites and detect suspicious events, said it was confident it would double in size over the next three years as it focuses on the US in particular.
The investment is being cofunded by BDO Development Capital Fund and Bank of Ireland, with the latter providing €10.5million debt financing. The €9 million BDO is putting into the firm is the fifth and largest of the fund's investments to date.
Netwatch plans to concentrate on acquiring new customers in the US and UK markets.
"In the middle of the recession, we focused on research and development and expanding the business internationally," said Netwatch group chief executive, David Walsh, who founded the firm in 2003 with Niall Kelly.
“This funding announcement is validation of that decision and also lays the ground work for the next three years. The Netwatch value proposition is well received in the USA and this investment will enable us to capitalise on the great opportunity that the US presents.”
The BDO Development Capital Fund is a €225 million fund aimed at mid-sized Irish companies with growth potential, funded by the Government and the private sector.
