Dublin IT firm Version 1 is on a major recruitment drive after getting €90m from investors
The company says 365 roles will be added over the next three years.
DUBLIN-BASED IT SERVICES firm Version 1 will create more than 300 extra jobs at its base in the capital after taking on €90 million in investment from its new majority stakeholder.
The jobs will be created over the next three years in the areas of systems integration, cloud and data analytics, and enterprise resource planning, taking the total headcount at the company to more than 1,200.
Version 1, which was founded in Dublin in 1996, also has offices in Cork and various UK locations, and it currently employs more than 850 people.
The company has said it expects to top €100 million in revenue for the first time this year and then-CEO Justin Keatinge told Fora in October that it was targeting €1 billion in turnover within a decade.
It sells software licenses and IT services to other firms in partnership with global tech giants like Oracle and Microsoft.
Version 1 recently received a €90 million funding injection from London private equity firm Volpi Capital in return for a “significant stake” in the Irish tech company.
It is understood Volpi is taking a majority share as part of the deal, which values Version 1 at close to €200 million.
The company’s largest existing backer, the Enterprise Ireland-supported BDO Development Capital Fund, was also bought out under the deal for a 250% return on its investment.
Changes and growth
The deal was only Version 1′s second major injection of funding over the past two decades, during which it has grown to more than 850 staff across the UK and Ireland.
Keatinge recently stepped down from his role as CEO of the business, although both he and co-founder John Mullen will remain on its board.
Chief operating officer Tom O’Connor will take over as company boss, while 40 senior managers at the firm also became shareholders as part of the latest investment deal.
In recent years, it has been on a takeover spree, acquiring two British companies, and Keatinge previously said that Version 1 had a “long list” of target firms it was interested in buying with the aim of completing at least one takeover per year.
Reporting by Peter Bodkin and Orla Ryan.
