Kaseya Gets $22.4 Million From Irish Fund; Vows to Add Up to 130 Jobs There
Kaseya plans to increase four-fold the workforce at its Ireland offices after winning a $22.4 million investment from a fund linked to the Irish government, according to multiple published reports.
The MSP toolset vendor currently employs 30 people at its Dublin headquarters and says it plans to grow headcount in the country to roughly 160.
New jobs are part of a deal in which the Ireland Strategic Investment Fund (ISIF) – run by that country’s National Treasury Management Agency – will provide Kaseya with an investment of 19 million Euros.
“We are delighted to continue to grow our Irish presence and to team up with ISIF as an investment partner,” Kaseya CEO Fred Voccola is quoted as saying.
“Ireland is a great place to continue to develop our industry-leading software solutions,” he added. “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.”
Kaseya, which is majority owned by Insight Venture Partners, said it is seeking to raise 38 million Euros, which today converted to just under $44.8 million (US).
By securing half of that from ISIF, Kaseya is substantially deepening its ties in Ireland.
ISIF is a fund of nearly $9.5 billion aimed at making commercial investments that provide returns, while also improving the country’s economy.
“The fund has a statutory mandate to invest on a commercial basis in a manner designed to support economic activity and employment in Ireland,” according to a government webpage describing the fund. “It has a long investment time horizon and can act as a permanent or patient source of long-term capital.”
An ISIF official said the investment helps fill a gap for viable Irish software firms, according to a report in The Irish Times.
“This investment promises a significant economic impact,” Fergal McAleavey, head of private equity at ISIF, is quoted as saying.
“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 went on. “We are confident that Kaseya will deliver a strong commercial return on our investment to complement our economic impact objectives.”
In addition to the new jobs, Kaseya has agreed to launch collaborative programs with Irish universities and technical institutes to drive internships and improved computer science instruction.
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