The Ireland Strategic Investment Fund (ISIF) has announced a €19m investment in software firm Kaseya, which will lead to the company creating 150 jobs in Ireland.
Kaseya is also planning to launch a collaboration programme with third-level universities and institutes of technology around Ireland. The initiative will involve providing internships and supports for computer science courses.
ISIF’s €19m investment is part of a wider funding round being conducted by Kaseya, from which it expects to raise over €38m. The firm is majority owned by global software investment fund Insight Venture Partners, which has invested substantial funds in the company to date. ISIF separately announced last month an €85m contribution to a global software fund managed by Insight.
Kaseya provides cloud-based IT management and security software for IT businesses and managed service providers. It opened its EMEA headquarters in Dublin in 2016, where it currently employs 30 people.
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The company was founded in 2000 and has its US headquarters in Massachusetts. Filed accounts for Kaseya Limited in Ireland disclose that the ultimate parent company is incorporated in Luxembourg.
The most recent balance sheet for Kaseya Limited date to 2015, when it grew revenue by 15% to €47m. However, net losses amounted to €28m and it closed the year out with a net deficit of €51m.
Fergal McAleavey, head of private equity in ISIF, said that the Kaseya investment promises a significant economic impact. “It will bring high-quality software jobs and further cement Ireland as the destination of choice for global software companies seeking an EU presence,” he added.
“We are confident that Kaseya will deliver a strong commercial return on our investment to complement our economic impact objectives. This transaction further strengthens our excellent relationship with Insight, one of the world’s biggest software investors.”
Fred Voccola, CEO of Kaseya, said that his firm was delighted to grow its Irish presence. “Ireland is a great place to continue to develop our industry-leading software solutions. Our contribution to Ireland’s vibrant, dynamic software sector will help to bolster the country’s growing reputation as an IT leader, while creating significant additional value for our investors.”
Photo: Fred Voccola (left) and Fergal McAleavey (Pic: Colm Mahady/Fennell Photography)
