By Business & Finance 
Pictured are David Walsh, CEO, Netwatch and Andrew Bourg, investment director, BDO Development Capital Fund
The BDO Development Capital Fund is co-funding a €19.5m investment in high-tech security specialists Netwatch Group.
In the largest funding round in Netwatch to date, the BDO Development Capital Fund is providing €9m, with Bank of Ireland providing €10.5m debt financing.
Netwatch was incorporated in Carlow in 2003 by co-founders and joint owners of the company, David Walsh (CEO) and Niall Kelly (CTO).
The funds will be used to support Netwatch’s international growth strategy.
As part of the Investment Sinead Heaney, investment director of Development Capital has joined the Netwatch Board.
Netwatch deploys the most advanced video processing technologies to proactively monitor and protect their clients’ assets.
Andrew Bourg, investment director of the BDO Development Capital Fund, commented: “Netwatch Group, led by its ambitious management team, has proven itself as a premium provider of remote video monitoring and security systems both domestically and internationally. It now has significant and exciting growth opportunities to further scale internationally, which is what the BDO Development Capital Fund is designed to both accelerate and support.”
Netwatch Group chief executive David Walsh added: “In the middle of the recession, we focused on research and development and expanding the business internationally. This funding announcement is validation of that decision and also lays the groundwork for the next three years. The Netwatch value proposition is well received in the USA and this investment will enable us to capitalise on the great opportunity that the US presents. We are confident that we can double the size of the company over the next three years.”
Bank of Ireland’s Donal Duffy said: “We are delighted to partner with the BDO Development Capital Fund in providing long-term financing to the Netwatch Group, a leading international technology company at the forefront of security surveillance.”
