$25m cash injection for Irish IT company

Warburg Pincus leads round of investment in Eontec, a Dublin-based business developing banking systems.

Warburg Pincus, a global IT private equity firm, has led a $25m round of investment in Eontec, an Irish company developing banking software. ICC Venture Capital and a number of Eontec shareholders also invested.

The money raised will be used to further develop its client support infrastructure, sales and marketing teams. Founded in 1994, Eontec develops Enterprise Java Banking systems, which enable banks to view customer details through a number of channels including the Internet, wireless devices and call centres. The company is based in Dublin and employs around 300 people worldwide.

To date, Warburg Pincus has invested more than $11bn in 400 companies operating in a number of sectors. The group offers private equity capital across a business’ life cycle, from start-up to growth financing to acquisitions and mergers. Other IT companies the firm has invested in include Avaya, a US company developing communication networks for businesses, and Cognotec, an Irish venture enabling financial institutions to automate foreign exchange and money market trading.