SVB Provides $11.2MM Facility to AMCS Group
Silicon Valley Bank announced it provided an €8.25M ($11.2 million) facility to AMCS Group.
Limerick, Ireland-headquartered 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 ($24.4 million) in 2013 from its 700 customers worldwide. Through a significant, ongoing 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 recognized 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, VP, 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.”
AMCS Group is a global provider of design, development, implementation and support of integrated environmental software and vehicle technology solutions for the recycling and waste management industry based in Limerick.