CR2 valued at $88 million following second funding round.

Investee Company – CR2 Group

Investee Company Country – Ireland

Investee Company Business Type – Provider of Internet banking, channel management and card payment solutions to the financial services industry

Type of Financing – Second round

Equity Providers – GIMV, NIB Capital, ACT Venture Capital, Goodbody Stockbrokers and AIB Corporate Banking

Equity Leader (Individuals) – Owen Murphy, ACT Venture Capital

John Van Grootel, NIB Capital

Bart Diels, GIMV

Debt Providers – N/A

Debt Type – N/A

Debt Leader (Individual) – N/A

Equity Amount – $8 million

Total Deal Value – $8 million

Other Advisors – William Fry (Legal); Goodbody Stockbrokers

Comments – Since it’s foundation by Ron Downey and Cian Kinsell in 1997, CR2 has raised $28.6 million from investors. This capital has aided CR2’s rapid expansion in Internet-banking software and the group’s network of customers now spans over 70 countries in Europe, India, Africa, Asia and the Middle East. This most recent round of funding, which was co-led by previous investors GIMV, ACT Venture Capital and NIB Capital, will enable CR2 to open sales offices in the US and the Far East. Following its acquisition of Interlink in June of this year, CR2 will continue to integrate its ATM and POS technologies with its BankWorld channel management products. In addition to an anticipated 50 per cent increase in employee numbers, the company will relocate to bigger offices in Park West, Dublin.