Investee Company – Automsoft (Ireland)
Investee Company Business Type – Provides process industry database solutions
Type of Financing – Expansion
Equity Providers – IDG Ventures Europe, Pentech Ventures, Cross Atlantic Partners, Crucible and Barisal
Equity Leader (Individual) – Kit Gould, IDG Ventures Europe
Debt Providers – N/A
Debt Type – N/A
Debt Leader (Individual) – N/A
Equity Amount – €6 million
Total Deal Value – €6 million
Other Advisors – N/A
Comments – IDG Ventures Europe today announced that it has led a second round of private equity funding into Automsoft, a provider of advanced database solutions to process industries. The investment, €6 million, was backed by IDG, Pentech Ventures and previous investors Cross Atlantic Partners, Crucible and Barisal.
Founded in 1994, Automsoft is headquartered in Dublin and is a global provider of advanced database software to process industries. Automsoft’s RAPID software gives visibility into manufacturing processes and is designed to transform data into useful information that can be used throughout the company. Automsoft’s primary market focus is currently global pharmaceuticals (RAPID is installed in five of the global top 20 pharmaceutical companies)and biotech. It is also used in the oil, gas, food, beverage and utility sectors where it delivers business benefits such as increased productivity, reduced cost of production and compliance with regulatory bodies such as the FDA.
Kit Gould, managing partner of IDG Ventures Europe who will be joining the Automsoft board, said: “IDG Ventures was impressed with Automsoft’s comprehensive offer, its well established customer base and experienced senior management team. We see this sector as a high growth area as it creates a critical lynchpin between enterprise wide applications and the manufacturing systems of the company, bringing management visibility deeper into the organisation.”
Paraic O’Toole, CEO of Automsoft, said: “This round of investment enables Automsoft to build on its growth to date by consolidating our position in markets in which we are currently a leader, as well as enabling further vertical expansion. Through this investment we will have access to both IDG’s and Pentech’s networks and expertise which will help in the building of a strong sales pipeline.”
Robert Thompson, founder and former president of Hyperion Solutions, will represent Pentech Ventures on the board of Automsoft.