IT recycling company AMI is to add 30 jobs to its operations in Dublin and Belfast over the next two years as it invests €4 million in expanding its business.
The company, which offers secure recycling services to businesses, is increasing its workforce to 90 by 2021, and plans to target strategic acquisitions in the UK and Ireland. It will also expand its physical premises in Dublin and Belfast as part of the investment.
The funds were raised through shareholders, debt finance and external investment, with €570,000 from investor Rob Clarke, retained shareholder earnings of €1.71 million and debt finance for a similar amount. Mr Clarke has been appointed as AMI chairman.
AMI said demand for its services had increased in the past two years, with revenues rising by more than 50 per cent to €8.1 million. It attributed part of that increase to the effects of the European Union’s GDPR data privacy laws, introduced last May. The company has also increased its staff numbers from 25 to 60 in the past three years.
‘Stellar year’
“AMI has had another stellar year in 2018 and we’re seeking to capitalise on our current growth with this strategic investment,” chief executive Philip McMichael said. “The requirement of organisations to show compliance with GDPR legislation by securely disposing old IT equipment is fuelling demand for our services. The additional hires, expanded premises and the development of our technology and service capabilities will all support us in meeting this increasing demand.
“Acquisition is another key business strategy for us. We will remain on the lookout for other IT disposal and IT installation businesses with matching values that can easily integrate into the company, allowing us to quickly enhance our offering.”
Extend services
AMI’s UK subsidiary, DiskShred, plans to extend its services in international markets.
AMI will also use the funding to grow its recently-launched deployment and relocation service, which offers organisations a secure way of managing office moves and IT equipment replacements. It is expected to generate more than €1.15 million in revenue for AMI over the next two years.
