Ireland-based IT services company Version 1 has received a €8m ($10.7m) investment from BDO Development Capital Fund, a corporate-backed fund managed by Development Capital, a subsidiary of accountancy firm BDO.
The funding will enable Version to expand further across the UK and for additional staff and is expected to create 100 new jobs.
The investment is the €75m ($100m) Development Capital Fund’s first since it was launched in March this year. Corporate investors in the fund include building materials producer CRH, nutrition company Glanbia, electrical product maker Glen Dimplex and Bank of Ireland.
Version 1’s founder, Justin Keatinge, said: Today’s announcement provides us with the investment needed to take our growth and planned development through acquisition to the next stage.
“We can also now tap into the expertise that comes with the BDO Development Capital Fund; the support of both the Fund’s advisory panel members and the Fund’s Corporate Partners, Bank of Ireland, Glen Dimplex, CRH and Glanbia.”