Development Capital, an Irish development and growth capital fund manager, has completed a €10m investment in Cork-headquartered technology services company Zartis.
The Zartis investment markets the 14th investment by Development Capital and its first in both Munster and Cork and brings the total value of its investments in Irish SMEs to date to €120m.
The investment in Zartis is the fifth by Development Capital Fund II, a €75m fund. The other four investments are Spotlight Oral Care in Galway, Nomadic in Donegal, Wogan Build Centre in Louth and IP Telecom in Dublin.
Headquartered in Cork and led by CEO Padraig Coffey, Zartis has an expanding international presence with offices and employees in Spain, Croatia, Germany, Portugal, UK and Czech Republic.
It has a workforce of over 280 highly skilled professionals across Europe and its clients include xamples ESW, Fexco, Kaluza and Forto.
The €10m investment will be used to accelerate the tech firm's international growth opportunities within the rapidly growing technology services sector, with the ambition to more than double in size to over €50m in revenues and 500 employees by 2028.
Zartis also plans to significantly invest in its AI practice with a number of senior AI hires in order to satisfy the current and future demand.
As part of the investment, Development Capital executives Fran Stafford and Andrew Bourg will join the board of Zartis.
Padraig Coffey, CEO of Zartis, said the technology services industry is at an inflection point with the massive growth in AI opportunities, and the investment from Development Capital in Zartis will help catalyse further rapid expansion of the business in the years ahead.
"Development Capital has a tremendous track record in helping high quality and ambitious businesses fulfil their potential and we believe the team is an excellent fit for the unique culture we have built at Zartis," Mr Coffey added.
