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.