Last year, Swedish private equity firm EQT bought a majority stake in AMCS in a deal that valued the Irish company at €2.1bn.
The Irish business, which employs more than 1,200 people, is a supplier of cloud-based AI-enabled planning, performance and safety software that is used in the waste management and recycling sectors, as well as in other resource-intensive industries.
As part of the deal with EQT, AMCS co-founder and CEO Jimmy Martin, management and other existing investors, including Insight Partners, Clearlake Capital, Highland Europe and the Ireland Strategic Investment Fund, all retained minority stakes.
Newly-filed accounts for AMCS show that turnover jumped to €68.3m last year from €56.5m in 2023.
Recently-filed accounts for the group holding company, Arctic Topco, note that AMCS delivered a “robust financial performance” in 2024, underpinned by what it said was impressive growth in both annual recurring revenue and earnings before interest, tax, depreciation and amortisation (Ebitda), “signalling sustained momentum and operational discipline”.
The adjusted Ebitda for AMCS last year was €7.9m. That was a 47pc increase compared to 2023. The adjusted figure excludes foreign exchange gains and losses and includes the margin on revenues flowing through from opening deferred revenue on acquisitions made during the year.
AMCS reported a 15pc year-on-year increase in annual recurring revenue (ARR) last year, reflecting new customer acquisition, high retention rates and strong upsell activity within its existing customer base.
“This surge in recurring revenue underscores the resilience of AMCS’ business model and the value of its solutions provided in the market,” note the Arctic Topco accounts.
Those accounts note that the margin improvement seen during 2024 reflects disciplined cost management, optimised sales and marketing spend, and increasing operating leverage as the business grows.
“With a strong ARR base and improving Ebitda margins, AMCS is well positioned to continue its growth trajectory,” they added.
Last year, AMCS acquired US-based solutions provider Qv21 Technologies. Qv21 Technologies is a software service solutions provider for short-haul, bulk commodity transportation.
In April this year, AMCS acquired Selected Interventions and Mandalay Technologies. Selected Interventions is a UK-based, global resource management software company and Mandalay Technologies is an Australia-headquartered provider of modular cloud-based weighbridge and data management solutions.
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