Development Capital recently completed a substantial investment in Zartis, a technology services company based in Cork, with the aim of expediting its international expansion strategy and bolstering its AI practice. This represents the 14th investment by Development Capital and its first in both Cork and Munster, bringing its total Irish SME investments to €120 million.
The investment of €10 million will be directed towards advancing Zartis’ international growth within the tech services sector, with plans to double its revenues and workforce by 2028, as well as making significant investments in its AI practice through senior AI hires. This marks the fifth investment by Development Capital Fund II, a venture designed to support the growth of high-quality and ambitious businesses.
Zartis, under the leadership of CEO Padraig Coffey, has a growing international presence with employees and offices in various European countries, as well as a workforce of over 280 professionals. The company’s core values include integrity, diversity, innovation, and high-quality work, with a strong emphasis on employee ownership.
A key aspect of the company’s offerings is its Digital Services, which focuses on delivering top-tier software development, and its High-Level Consulting, a high-value strategic advisory service. Zartis has consistently experienced double-digit growth rates and serves over 80 customers in more than 25 industries across North America, Europe, and the Middle East.
The new investment from Development Capital Fund II has received positive feedback from both parties. Andrew Bourg, Development Capital Partner and Co-Founder, expressed enthusiasm about the partnership with Zartis and the potential for accelerated growth in response to the increasing demand for digitalization and AI in business processes. Fran Stafford, Investment Director of Development Capital, also highlighted their longstanding interest in Zartis and their alignment with the company’s growth objectives.
In response, Padraig Coffey, CEO of Zartis, expressed his excitement about the investment and the opportunities it presents for further expansion, particularly within the AI sector. He emphasized the alignment between Development Capital and Zartis, highlighting the team’s vision and expertise in facilitating the company’s growth.
This investment signifies a significant milestone for both Zartis and Development Capital, as they aim to leverage the growing opportunities within the technology services sector. With a strong focus on employee empowerment, ownership, and ambition, Zartis is well-positioned to maximize growth and establish itself as an employer of choice in its field. This strategic partnership exemplifies the potential for collaboration between investment firms and ambitious, high-quality businesses, and the positive impact it can have on fostering growth and innovation within the industry.