Recycling and waste software firm AMCS says investment will be used to grow its business.
Recycling and waste software and technology developer AMCS Group, Howell, Mich., has accepted a $32 million round of financing.
The investment was led by venture capital firm Highland Capital Partners Europe and includes support from AMCS’ existing investor, Investec Ventures, through the Ulster Bank Diageo Venture Fund. According to an AMCS news release, the new round of funding will be used to finance expansion in the United States, Canada and Europe.
AMCS was founded in 2003 by Jimmy Martin and Austin Ryan and was designed to provide what it calls end-to-end integrated software solutions for the waste, recycling and environmental sectors.
“Securing funding of this scale underpins our commitment to grow in new and existing markets,” says
Martin, CEO of AMCS Group. “These funds provide us with the opportunity to invest further in our market-leading ELEMOS software and vehicle technology to meet our ever-expanding customer needs while also increasing our reach through targeted acquisitions in growth markets.”
Adds Martin, “We are excited to be working with Highland Capital Partners and Investec Ventures, and the experience they bring will play an important part in further developing AMCS Group.”
Following the investment, two members of Highland Capital Europe’s senior team—Fergal Mullen, founder and partner, and Tony Zappala, another partner—will join the AMCS Group board of directors.
Commenting on the investment, Zappala says, “AMCS Group is a very attractive business with patented unique software solutions that is leading the way business and municipalities make the move from simply handling waste to managing resources and providing better services to customers.”
Mullen says, “AMCS is exactly the kind of high growth, world-leading company we are seeking to invest in and support via our new European Growth Fund. We will do our utmost to help them achieve their vision by leveraging our global network and our experience of similarly fast growing global leaders.”
John Dolan, partner in Investec Ventures, which has been an investor in AMCS for several years, says, “We’ve been supporters of AMCS for a number of years and are delighted to complete this co-investment round with an international partner like Highland Capital Partners Europe. The investment positions the company for further growth and will help consolidate its reputation as a global leader in providing software solutions for the waste and recycling markets.”