Irish independent telecoms operator Digiweb says it has completed its latest investment round, pumping EUR14.5 million (USD18.4 million) into the business and creating 25 new jobs in the process. Commenting on the development, Digiweb founder and CEO Colm Piercy said: ‘This investment builds on a successful year to date as we continue to grow our market share as a one-stop business services provider, launch and rapidly grow our wholesale services division, and are now positioned for expansion in Ireland and Europe, while further reducing overall debt. The EUR14.5 million package combines new equity investment and new bank lending and is a strong endorsement of our leading position and profitability in our markets.’ It is understood the cash injection has helped to reduce Digiweb’s debt to EUR5.7 million, against projected revenue and EBITDA of EUR40 million and EUR8 million respectively.
Founded in 1997, Dublin-based Digiweb is one of the Republic’s leading independent telecoms companies, providing nationwide broadband access, enterprise data networks, data centre and web hosting services, managed services and telephony to residential, business and public sector customers. Further, by dint of its national fibre and wireless networks, unbundled exchanges, and satellite services, the altnet currently owns and operates Ireland’s largest alternative ‘last-mile’ access network.