The BDO Development Capital Fund is co-funding a €19.5million investment in Netwatch Group. It is the largest funding round in Netwatch to date. The BDO Development Capital Fund is providing €9 million, the largest of its five investments so far, with Bank of Ireland providing €10.5million debt financing.
Netwatch was incorporated in Carlow in 2003 by co-founders and joint owners of the Company, David Walsh (CEO) and Niall Kelly (CTO).
The funds will be used to support Netwatch’s international growth strategy. New customer acquisition in the US and the UK markets is a key aspect of the investment. As part of the Investment Sinead Heaney, Investment Director of Development Capital has joined the Netwatch Board. The project is also supported by the Department of Jobs, Enterprise and Innovation through Enterprise Ireland’s investment in the BDO Development Capital Fund.
Announcing the Fund’s investment in the Netwatch Group, Investment Director of The BDO Development Capital Fund, Andrew Bourg, commented:
“We are delighted to partner with Netwatch and look forward to supporting and assisting them achieve Netwatch’s international growth objectives. The Netwatch Group, led by its ambitious management team, has proven itself as a premium provider of remote video monitoring and security systems both domestically and internationally. It now has significant and exciting growth opportunities to further scale internationally, which is what the BDO Development Capital Fund is designed to both accelerate and support.”
Netwatch Group Chief Executive, David Walsh, said:
“In the middle of the recession, we focused on research and development and expanding the business internationally. This funding announcement is validation of that decision and also lays the ground work for the next three years. The Netwatch value proposition is well received in the USA and this investment will enable us to capitalise on the great opportunity that the US presents. We are confident that we can double the size of the company over the next three years.”
Enterprise Ireland CEO, Julie Sinnamon, commented:
“A key role of Enterprise Ireland is to help companies innovate and scale internationally. We are delighted with the investment by the Fund into Netwatch. This is exactly the type of investment that our Development Capital Scheme was set up to make, which is to provide our client companies with the funding to reach the next level of scale. Enterprise Ireland has supported Netwatch through funding and participation in stock exchange IPO programme. The investment fund will enable company to further expand in global markets”.
Donal Duffy, Director, Corporate Banking Ireland, Bank of Ireland said:
“We are delighted to partner with the BDO Development Capital Fund in providing long-term financing to the Netwatch Group, a leading international technology company at the forefront of security surveillance. Bank of Ireland has a proven track record in supporting Irish businesses with global reach and we are delighted to continue our relationship with Netwatch to help achieve its future ambitions.”