Irish tech firm Zartis secures $11Mn investment for global expansion
CORK, IRELAND — Irish technology services company Zartis has secured a €10 million (US$11 million) investment from Development Capital to fuel its international growth plans.
The Cork-headquartered firm, known for its bespoke software solutions and high-value strategic advisory services, aims to expand its revenues to €50 million (US$55 million) and grow its workforce to 500 employees by 2028.
Boosting Zartis’ AI expertise to meet rising demand
The company’s services are divided into two main pillars: Digital Services, providing top-tier software development, and High-Level Consulting (HLC), offering strategic advisory.
With the recent investment, Zartis intends to significantly enhance its artificial intelligence (AI) capabilities by hiring senior AI professionals. This move is aimed at addressing the increasing demand for AI-driven business solutions and to bolster its position in the rapidly evolving technology services sector.
Development Capital’s partners, Fran Stafford and Andrew Bourg, will join the Zartis board as part of the investment agreement. Their involvement is expected to drive further growth and expansion, especially in international markets.
“From our due diligence and research, 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,” said Bourg.
“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,” said Zartis CEO Padraig Coffey.
Zartis’ employee-owned model fuels rapid growth
Zartis has an expanding international presence with over 280 employees across offices in Spain, Croatia, Germany, Portugal, the United Kingdom, and Czech Republic. The company serves over 80 customers across 25 industries in fintech, edtech, logistics, and other sectors.
The company’s business model centers on employee ownership, with the majority stake held by its “Zartisians.” It has not only fostered a strong company culture but has also propelled Zartis to consistent double-digit growth annually, earning it a spot in the Deloitte Fast50 for five consecutive years.
“We are strongly aligned with and supportive of the objectives of the leadership team to execute the growth plan, which has at its core, a culture of promoting employee empowerment, ownership and ambition, all of which will maximise growth,” said Stafford, Investment Director of Development Capital.
“Our intention is to assist the team to grow a bigger and enhanced Zartis which is recognised as an employer of choice in its sector.”
Development Capital’s proven track record
The investment marks Development Capital’s 14th in an Irish small and medium enterprise (SME) and first in Cork, bringing its total invested to €120 million ($131 million).
“Development Capital has a tremendous track record in helping high quality and ambitious businesses fulfill their potential and we believe the team is an excellent fit for the unique culture we have built at Zartis,” said Coffey.
