3i backs Aspect Software

The Irish company will use the capital to fund its expansion throughout Europe.

Venture capital group 3i has participated in an E5m financing round for Aspect Software, a provider of banking and insurance solutions. Enterprise Ireland also invested in the company.

Aspect Software has built a strong blue-chip client base in the banking and insurance sector throughout the UK, Central Europe and Ireland. Aspect’s client list includes ING, Irish Life and Permanent, Bank of Ireland, Chase Manhattan and GMAC.

The expansion programme, put in place with the support of KPMG Corporate Finance, will allow Aspect Software to devote significant resources to research and development, sales and marketing, and the recruitment of additional people.

Neil Graham, investment director at 3i, said: “Their product and expertise is proven, and is without doubt a leader in its sector. Aspect Software is an excellent example of an ambitious Irish owned company and we are proud to support them in their endeavours to become a European leader within the next 3 years.”

Enterprise Ireland is an Irish government backed organisation charged with assisting the development of small and medium size enterprises in the country.