Warburg Pincus backs Eontec funding round

Investee Company – Eontec (Ireland)

Investee Company Business Type – Provides Enterprise JavaBeans-based multi-channel banking software solutions

Type of Financing – Expansion

Equity Providers – Warburg Pincus, ICC Venture Capital, Island capital and private clients of Davy Stockbrokers

Equity Leader (Individual) – Bill Janeway

Debt Providers – N/A

Debt Type – N/A

Debt Leader (Individual) – N/A

Equity Amount – $25 million

Total Deal Value – $25 million

Other Advisors – JP Morgan Chase & Co advised Eontec

Comments – Dublin-based Econtec has raised $25 million in its second round of financing. The banking software solutions provider plans to use the funding to enhance and develop its client support infrastructure and professional service team so the company can accelerate the adoption and delivery of its technology. The company also has plans to invest some of the funding in further customer focused initiatives.

The funding was led by Warburg Pincus and included existing investor ICC Venture capital, among others.

Founded in 1994, Eontec is the global leader in the development of multi-channel scalable Enterprise Java component-based software solutions and tools for banks and other retail financial services organisations and has the world’s largest repository of reusable banking processes.

A recent report by international analyst house Datamonitor predicted the European eBanking market to be worth approximately $5 billion by 2005 citing Eontec as well placed to capture a significant share of this expanding market.