Zartis secures €10m to add AI roles in expansion
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Cork-based software outsourcing and tech consulting services provider Zartis secured a €10m cash injection from venture capitalist fund Development Capital.
The deal marked Development Capital’s 14th investment and first in both Cork and Munster, bringing the total value of its investments in Irish small and medium sized businesses to €120m to date.
“We see strong market trends supporting Zartis’ growth plan driven in-part by increasing demand for the digitalisation of business processes and a shortage of IT skills,” Development Capital partner and co-founder Andrew Bourg said.
The €10m is set to be used to expand Zartis internationally, with a target to more than double in size to over €50m in revenues and 500 employees by 2028, as well as significantly invest in its AI practice with a number of senior AI hires.
The other four companies that secured investment through this fund were Galway-based Spotlight Oral Care, Nomadic in Donegal, Wogan Build Centre in Louth, and Dublin-based IP Telecom.
Headquartered in Cork and led by chief executive Padraig Coffey, Zartis has offices and employees in Spain, Croatia, Germany, Portugal, Britain, and Czech Republic. The company employs over 280 people.
"The technology services industry is at an inflection point with the massive growth in AI opportunities, and the investment from Development Capital in Zartis will help catalyse further rapid expansion of the business in the years ahead," Mr Coffey said.