AMCS, the world’s leading supplier of integrated software and vehicle technology for the waste and recycling sector, has today announced further significant financing from Silicon Valley Bank (SVB), the bank of the world’s most innovative businesses, enterprises and their investors.
The loan will be used to fuel further global growth, including the acquisition of Recy – a German recycling and waste management software specialist. Overall, the acquisition will add another 600 customers from across Europe, in North America, Asia, and Africa, taking AMCS’s total customer base to over 2400 worldwide.
Silicon Valley Bank has committed over $200m to Irish businesses since 2012 and has been working with AMCS since 2014.
Commenting on the financing, AMCS CEO Jimmy Martin, said:
“The global metal recycling market is certainly shaping up to be an exciting place in which to operate in the coming years. Our continued investment in this market has resulted in a scalable platform that can meet the needs of customers across the globe. Ireland has so much potential to continue to mature as a powerhouse of innovation, but what every business needs to in order to grow is access to capital. Silicon Valley Bank has supported for several years and we are pleased to announce this facility today.”
Commenting on the financing, Brian Geraghty, Vice President at Silicon Valley Bank, said:
“We’ve had the pleasure of working with AMCS for over four years in Ireland and it has been great to play a part in their impressive journey of rapid growth. This is a significant facility and an important acquisition, representing AMCS’s aspirations in Ireland and across the globe. We look forward to a continued partnership.”
Silicon Valley Bank is committed to supporting the Ireland’s vibrant innovation sector and the entrepreneurs leading high-growth, disruptive technology businesses. SVB lends to businesses such as AMCS, Boxever, Profitero and Glofox as they pave the way towards further growth.
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