Comnitel Technologies, an Irish provider of mobile telecommunications network and service management software, has raised E15m in its second round of financing.
UK-based Mercury Private Equity Fund and US firm SAIC Venture Capital Corporation led the round and each will take a seat on Comnitel’s board. Hamburgische Landesbank and original investors ICC Venture Capital and Enterprise Ireland also invested in the round.
Comnitel Technologies develops service assurance products that enable network operators and service providers to launch and manage new generation mobile services. Its network and service management products provide operators with a full understanding of what is happening within a mobile network from end to end. A key feature of the products is that they are built for evolving mobile networks and allow the operator to migrate from different telecommunications standards. This is important for mobile operators who will have to operate hybrid networks, a mixture of different standards and protocols, reliably for many years to come.
The company says that it is the only provider of mobile-specific network and service management systems to mobile operators. Kieran Moynihan, chief executive of Comnitel, said: “We established Comnitel to assist mobile network operators to deliver higher quality and more reliable services to their customers. This injection of funding will allow us to maximise opportunities in this fast growing market, to engage further in research and development and to expand into new markets.”
Moynihan set up Comnitel alongside Declan Fox in 1999. The company employs 52 people at its headquarters in Cork. Fox, executive chairman, said that the company’s team and employees are set to share in its success. A sizeable amount of the company’s equity, 15 per cent, has been used to create an employee share option scheme,” he said.
Comnitel’s raised E1.9m in its first round of financing which was led by ICC Venture Capital and Enterprise Ireland, the state agency for indigenous industry development.