Dublin tech firm Xtremepush has announced Beechbrook Capital as its latest new capital partner, having secured €4.25m funding to support the business's global growth and acquisition strategy.
Xtremepush was founded by Tommy Kearns and Dr Kevin Collins in 2014 and is based in Ranelagh in Dublin.
In June this year it completed the acquisition of Alchemetrics, a UK agency specialising in bespoke customer data platforms. This followed the 2018 acquisition of Emailcenter, a long-established UK email service provider.
The company said an acquisition fund in the region of €15m is now available to the business with which to accelerate its acquisition strategy.
It said it plans to act "swiftly" on its acquisition trail, with longer-term goals that would see Xtremepush established as a €40m ARR business within 36 months.
The growth capital is also earmarked for expansion of the company’s US sales, operations and tech team, as well as continued hiring across European offices.
Xtremepush said it has seen a 100% year-on-year growth since it was founded, and employs a workforce of over 65 in offices in Dublin, the UK, North America and Central and Eastern Europe.
According to CEO and co-founder, Tommy Kearns, the company is still aggressively growing and hiring, despite the Covid-19 pandemic.
"The finance deal with Beechbrook Capital comes at an opportunistic time, where the business is primed for major expansion. From a successful bootstrapped company, Xtremepush is now moving to a new phase, planning a high growth trajectory through both organic and acquisition growth."
Mr Kearns said the company found a strong partner in Beechbrook Capital, a specialist European mid-market lender with a dedicated Irish SME fund.
"Beechbrook Capital bought into the Xtremepush strategy and our vision for global growth because of the high quality profitable platform we offer to the market, combined with an experienced management team and successful track record", Kearns says.
While the Covid-19 initially saw Xtremepush impacted in the hospitality and transport areas, the company said it has returned to growth with strong consistent performance in the e-commerce, media and banking sectors, and a recent renewal in the gaming and betting side of the business.