LONDON — 3rd July
2014- Silicon Valley Bank, the bank of
the global innovation economy, today announced that it has provided an €8.25M
facility to AMCS Group, the global
leader in recycling and waste management software and on-vehicle technology.
Headquartered in Limerick, AMCS
Group’s range of technology operates globally on more than 10,000 vehicles at
more than 2,000 sites. The company had an annual turnover of €18m in 2013 from
its 700 customers worldwide. Through a significant, on-going investment in
R&D and its global expansion, the company focuses on delivering technology
that enhances revenue assurance, increases efficiency, reduces costs and
improves customer service in the recycling and waste management industry. AMCS
will use the additional liquidity provided by this financing to further pursue
its acquisition strategy and for general working capital requirements.
Jimmy Martin, Co-founder and CEO,
AMCS Group, said: “Having co-founded AMCS in 2003 and grown it into an
internationally recognised business, I am very proud of what we have achieved.
We aim to work with partners and companies that truly understand our business
model and the demands of the modern business environment. Silicon Valley Bank
fulfils this aim, supporting entrepreneurial businesses such as ours through
its deep sector knowledge and global network.”
Andrew Hunter, Vice President, at
Silicon Valley Bank, added: “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.”
About Silicon Valley Bank
Silicon Valley Bank is the premier bank for technology, life
science, venture capital, private equity and premium wine businesses. SVB
Financial Group provides industry knowledge and connections, financing,
treasury management, corporate investment and international banking services to
its clients worldwide through 28 U.S. offices and six international
operations. (Nasdaq: SIVB) www.svb.com/uk
Silicon Valley Bank is authorised and regulated by the
California Department of Financial Institutions and the United States Federal
Reserve Bank; authorised by the Prudential Regulation Authority with number
577295; and subject to regulation by the Financial Conduct Authority and
limited regulation by the Prudential Regulation Authority. Details about the
extent of our regulation by the Prudential Regulation Authority are available
from us on request.
About AMCS Group
AMCS Group is a global leader in the design, development,
implementation and support of integrated environmental software and vehicle
technology solutions for the recycling and waste management industry based in
Since the company's incorporation in 2003 AMCS has grown
from being a solutions provider in the Irish waste market to now having wholly
owned subsidiaries in the UK, France, Norway, Sweden and the US.
AMCS offers a total “end to end” solution that brings a
fully functional and feature rich software suite to on-vehicle technology that
integrates RFID and on-board weighing with a powerful on board computer.
This powerful combination of technologies has enabled AMCS’ solution to become
the global standard in the industry, helping local authorities and waste
management companies to significantly reduce the amount of waste going to
landfill and encouraging more recycling.
In January, 2014 the company announced a €23.4 million round
of financing led by global venture capital firm, Highland Capital Partners
Europe and Investec Ventures through the Ulster Bank Diageo Venture Fund.
For more information visit www.amcsgroup.com
Valley Bank – UK Branch:
Elly Gilbert, Marketing Manager
T: +44 (0)20 7367 7813
Lorna Ní Mhuirí, Marketing Executive
T: +44 (0)7818 553265