CR2 secures EUR10m funding

CR2 secures EUR10m funding

Dublin-based retail banking technology vendor CR2 has raised EUR10m in a round of funding from new investor Trinity Venture Capital, existing investor ACT Venture Capital, and the vendor's new management team.

New CR2 CEO Martin Dolan, chief financial officer Ronan Murray, sales director Kieran Kilcullen and development director Keith Holmes all participated in the investment.

Dolan joined CR2 as chief operating officer last September 2004 but went on to replace company co-founder Cian Kinsella as CEO in February this year.

According to local press reports Trinity invested EUR7 million of the EUR10m, while EUR2m came from ACT and EUR1m from management.

Trinity becomes the largest shareholder in the firm, with a 30% stake, while Ireland-based ACT Venture Capital now holds 20%.

Dolan told reporters that CR2's founders Cian Kinsella and Ron Downey, and existing investors GIMV and AlpInvest, did not reinvest and have reduced their shareholdings as part of the deal.

A new CR2 board is to be appointed shortly which will include Dolan and Murray, along with Rory Quirke and Brian Caulfield from Trinity and Owen Murphy from ACT. A director to represent the interests of all the other investors will also be appointed along with two independent directors.

CR2 says the funding will be used to drive market expansion into Asia and Europe and the development of new products at its facility in Dublin.

The firm has 100+ clients in over sixty-five countries and a network of offices located in Dublin, Dubai, London, Bangalore, Perth and Johannesburg.

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