Mid-West Companies Async Technologies Ltd and Avvio to create over 40 new high skilled jobs with the support of Government through Enterprise Ireland

Tánaiste and Minister for Enterprise, Trade and Employment, Mary Coughlan T.D. today, (Tuesday 21 October 2008) announced two significant new investment projects for the Mid West Region. The two companies, Clare-based Async Technologies and Limerick-based Avvio will together create over 40 new high skilled jobs, investing over €4million in expanding their operations.

Async Technologies is to invest €2.4million with support from Enterprise Ireland and the AIB Seed Capital Fund. This investment will enhance the company’s R&D and international sales capabilities and create 11 new high skilled jobs. Async produce a tyre management technology solution, ‘Tyre–Check’, which extends tyre life by up to thirty percent.

The Avvio investment in employment and international growth, supported by Government through Enterprise Ireland, will create 30 new high skilled roles in the company over the next two years, bringing total employment to 70. As part of their strategy to increase international sales, Avvio will also invest over €1.6m in R&D and innovation. Avvio is a leading provider of reservations software and online marketing for the hospitality industry, and is on track to quadruple its revenue by 2010, to over €6million.

Making the announcement the Tánaiste said: “I am delighted to announce these investment programmes and the creation of over 40 new high–value jobs in the Mid-West. These companies are embarking on an aggressive international growth strategy confirming their confidence in their ability to compete and win business internationally. Not only is this announcement excellent news for the companies, it will also have strong positive spin-off benefits for the Mid-West regional economy”.

Commenting on the announcement Jerry Moloney, Regional Director, Enterprise Ireland said: “Enterprise Ireland currently supports over 200 companies in the Mid West region who employ over 15,400 people full time. Async Technologies and Avvio are exactly the type of innovative export-oriented companies that Enterprise Ireland is keen to support. They have already made significant progress, and Enterprise Ireland is working with them to develop their international sales. Through our network of 32 international offices, Enterprise Ireland will support these two companies to access new markets and meet with prospective buyers and business partners”.

Commenting on the company’s future plans Michael O’Dwyer, CEO, Async Technologies said: “Our products are currently being used by tyre manufacturers, tyre dealers and transport fleets worldwide. We have installations in seventeen countries and provide the product in thirteen languages. Given our current and future product portfolio we are well positioned to capitalise on increasing global demand for our products which reduce fuel and tyre costs for our customers. With the backing of EI and the AIBSCF we are ready now to increase our efforts in opening larger markets in Europe, the USA and Asia”.

The recent investment round in Async Technologies was led by the AIB Seed Capital Fund which is co-managed by Enterprise Equity Venture Capital Group. The AIB Seed Capital Fund is a €30m fund which has been established by AIB and Enterprise Ireland to support the development of indigenous early-stage technology companies. Rory Hynes of Enterprise Equity said that the AIB Seed Capital Fund is pleased to have the opportunity to work with an experienced and ambitious management team at Async Technologies and support them in building aggressively on the success they have already achieved in Europe and North America.

Commenting on his company’s announcement Brian Reeves, CEO Avvio said: “At Avvio, we develop online business for our hotel partners directly through their own website. Fusing online marketing and design expertise with innovative software systems and tools, Avvio’s foundation lies in our results-focused team who work with hotels to drive their business on a daily basis. With our success to date in Ireland, and the support of Enterprise Ireland, we will continue to invest in employment over the next two years, to further expand our product and service offering to clients and to increase market share in Ireland, the UK & Asia Pacific markets”.

ENDS/ETE 1957