Dublin headquartered telecommunications company Viatel is set to invest €125m in a major expansion.
The company, which employs 220 people in Ireland, said that over the next year it will invest in extending its fibre infrastructure, cloud services and data centres.
It also plans to make several acquisitions, supported by newly announced funding partner Proventus Capital Partners.
Already one of the largest owners of transcontinental duct and fibre across Europe, Viatel also offer voice and managed services, and operate an extensive data centre estate.
Viatel's CEO Colm Piercy said that this is an exciting time for the company.
"While we already connect 150 data centres and thousands of multinational enterprises and organisations across Western Europe, this investment will now enable us to enhance our services and to extend our reach further and deeper within Europe, and to connect new locations in the USA, Canada, the Middle East and Asia", he added.
Viatel said that it will expand its sales, technical and product development and delivery teams in London, Dublin, Paris, Amsterdam and Frankfurt.
"Our new partnership with Proventus will enable Viatel to greatly accelerate our growth and to transform the European telecommunications sector into the future," Mr Piercy said.