PKF Advises IP Telecom on €6m Investment from Development Capital
Internet Protocol Telecom (“IP Telecom”) have secured a €6m investment from Development Capital who are taking a minority stake to help accelerate growth and fuel acquisitions. IP Telecom is a Dublin-based provider of unified communications and Voice over Internet Protocol (“VoIP”) telephone services to the Irish SME market.
Brian Chamberlain, CTO of IP Telecom commented:
“Today is a very important day for IP Telecom. Our business has been growing steadily over the last number of years and now partnering with Development Capital, we are looking forward to reaching new heights. I’d like to thank David, Patrick, Ben and the entire PKF team, for guiding us through the entire process. Any deal like this is all encompassing, and it is important to appoint a quality advisory team. PKF guided us through the entire process and were there whenever we needed them. I also was delighted with the guidance we received from Eoghan Doyle and Hugo Grattirola from Phillip Lee who represented us on the legal side.”
PKF is delighted to have advised IP Telecom on their sale of a minority interest. The Corporate Finance team was led by David Lucas, Patrick Keane and Ben Pentony. The tax team was led by Kevin Quinn. Eoghan Doyle and Hugo Grattirola of Philip Lee acted as legal advisers to IP Telecom while Eversheds Sutherland acted for Development Capital. Deloitte provided financial due diligence and PwC provided tax due diligence to Development Capital. EY-Parthenon provided commercial due diligence services.
David Lucas, Partner PKF commented:
“We are really pleased to have acted for Brian, Shena, David and the rest of IP Telecom family on their investment from Development Capital. This is an excellent business and is destined for great things following this private equity investment. They are great people and very passionate about the business and the market. My team and I have enjoyed working with all involved and wish everyone the best of luck in the future.”
About IP Telecom
Since its establishment in 2010, IP Telecom has grown to become a leading provider of unified communications and VoIP telephone services to SMEs in Ireland. Since its inception, the Company has invested significantly in developing its own cloud-based VoIP telephone system to ensure it can provide excellent call quality, customer service and technical consulting at all times.
About Development Capital
Development Capital is an Irish development and growth capital fund manager which was founded in 2013 by Andrew Bourg and Sinead Heaney. We provide development and growth capital ranging from €2-12 million to Irish SMEs which have significant growth opportunities, primarily in export markets which require growth funding to unlock or accelerate.
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