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Automsoft secures EUR6 million in funds
Thursday, April 18 2002
by Andrew McLindon


Irish database solutions company Automsoft has raised EUR6 million in second
round funding as it looks to undergo a major expansion. 



Automsoft, which builds database software that enables companies to learn more
about their manufacturing processes, received the funding from IDG Ventures
Europe with Pentech Ventures. Previous investors in the company, Cross Atlantic
Capital Partners, Crucible and Barisal, were also involved. 



Automsoft's chief executive officer, Paraic O'Toole, told ElectricNews.net that
the money raised will be used to increase its sales and marketing activities,
particularly in the US. It will also go towards the company's planned expansion,
which O'Toole said would see the business' current employee number of 20 at least
double, if not triple, over the next 18 months.  



"This is a huge amount of money to raise in the current environment and
demonstrates that Automsoft is regarded a solid, stable company with a proven
track record," commented O'Toole. 



Automsoft's main product is RAPID, which is a suite of software applications
designed to help businesses in the process industry sector highlight
inefficiencies and maximise output in their manufacturing processes. 



Automsoft's primary market focus is the global pharmaceuticals sector and,
according to the company, its RAPID-Pharma offering is currently in five of the
top 20 pharmaceutical companies. The company's products have also been installed
in food, oil and gas, utilities, chemical and distillery operations. 



Automsoft has also developed a specific product offering for the oil and gas
sector, RAPID-Oil and Gas, which has recently been taken up by a major European
oil company. Automsoft said it is currently developing a similar tool for the
food market. 



Founded in 1994, Automsoft and its software development activities are
headquartered in Dublin, with technical support, engineering, sales and marketing
based in United States, UK and Ireland. Automsoft also has a presence in Germany,
Switzerland, Netherlands, Belgium and Scandinavia. 



IDG Ventures Europe, which was the lead investor, said it has been impressed by
Automsoft's products, customer base and senior management. 



"Automsoft offers process manufacturing companies an immediate benefit by
enhancing their ability to collect and analyse mountains of production data in
real-time," said IDG's managing partner, Kit Gould. "We see this sector as a
high growth area as it creates a critical lynchpin between enterprise wide
applications and the manufacturing systems of the company, bringing management
visibility deeper into the organisation." 



As part of the investment, Gould will be joining the Automsoft board.