€2.5m investment will fund R&D and drive international expansion.
Amplience, an Irish technology company taking the online retail sector by storm with its innovative Commerce Content Management platform, has secured a significant cash injection following discussions with a number of venture capital and investment companies. The fresh financial backing, totalling €2.5m, has been provided by lead investor UK based Octopus Investments along with Sadlier Reilly Capital the company’s original seed investors and several high profile angel investors.
The investment represents a clear endorsement of the company’s Commerce Content Management platform and strategic direction, which are expected to drive year on year revenue growth of over 100% in 2011. Investors were also impressed by the firm’s strong growth over the last twelve months, which saw it cement a market leading position in Ireland and the UK with the addition to its client roster of household names such as Tesco, Jimmy Choo, A|Wear, Waterford Wedgewood, LK Bennett, Heal’s, Halfords and Conran Shop.
The injection of fresh funding will provide Amplience with the financial muscle required to consolidate its market position in the UK, replicate its success in other international markets such as the US and continue to develop its SaaS-based Commerce Content Management platform.
Fergal O’Mullane, co-founder and VP Strategic Business Development said: “2010 was a very successful year in terms of product development and sales. This fresh investment gives us the resources we need to consolidate our market position in the UK and Ireland and continue the development of a world class Commerce Content Management platform.
“Online retail sales reached $600bn globally in 2010 and are continuing to grow at almost 20% per annum. At Amplience we have developed a platform that solves a number of key challenges facing online retailers, not only delivering significant cost savings, but also helping to drive increases in sales.”
Key to this expansion strategy is Amplience version 3, a recently released update to its Commerce Content Management platform that has confirmed the company’s position as the leading innovator in the field. The release means Amplience is the first on-demand platform to extend from websites into mobile devices such as the iPad and emerging online commerce sites like Facebook, whilst building in support for emerging standards like HTML5.
Jo Oliver, from Octopus Investments, commented: “All websites are facing the ever increasing challenges of attracting customers; keeping them engaged; and, most importantly, monetising them. Amplience enables its eCommerce clients to easily and dynamically update their websites in-house, thereby helping address these challenges and delivering immediate revenue and cost benefits. The team at Amplience have done fantastically well to develop market leading technology which already has impressive commercial traction, and we are looking forward to partnering them to significant further growth, both in the UK and internationally.”
Mike Reilly from Sadlier Reilly Capital added: “We could instantly see the international opportunities for the Amplience platform in a high growth market. It has been extremely rewarding to see customers confirm the tangible sales and cost takeout benefits the system provides. The business is an outstanding solution and you cannot help but get excited by not only the success in the UK but also the growth potential in the US market.”
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