Ocuco secures €40m finance lift
The investment will primarily fund continued research and development, with the company hiring 50 software developers to work on the next generation of product
Eye care industry software provider, Ocuco, has received a €40m (£34.3m) finance boost to support its product development and plans for growth.
The company announced the €40m refinancing on 12 July, including a €25m term extension of its facilities with Wells Fargo Capital Finance and a €10m commitment from the Ireland Strategic Investment Fund (ISIF), with an agreement for another €5m planned.
The investment is set to primarily support continued R&D and product development at Ocuco’s Dublin headquarters.
The company also outlined plans to grow its team of software developers from 80 to 130, in order to build the next generation of its omnichannel practice management systems on the cloud.
Growth plans also include an expansion of Ocuco’s international teams in the UK, Europe and the US.
Founder and CEO of Ocuco, Leo Mac Canna, commented: “Following the disruption caused by the pandemic on all industries exposed to retail trade, we are delighted to be in a strong position to invest in the future.”
“We believe that the eye care industry must move online to compete in the future and meet customer demand,” Mac Canna continued. “The next generation of our products is designed to meet this shift towards mixed provision of eye care services both online and on-premise.”
Ocuco has grown organically and through acquisitions to over €35m in revenues and 300 staff across 18 offices in 14 countries. The company has customers in over 10,000 locations in 80 countries, with 50% of sales from North America.
Over the last 10 years, Ocuco has acquired over 15 companies and the company added that it plans to resume its acquisition programme as opportunities become available.
Fergi McAleavey, senior investment director for ISIF, shared: “We’re delighted to have a company of Ocuco’s calibre in our stable and to partner with them on their journey towards €100m plus in sales.”
Pictured: Fergal McAleavy, senior investment director ISIF; Leo Mac Canna, founder and CEO, Ocuco; Nick Ashmore, director, ISIF.