FTV Capital Leads Equity Round At Sysnet

08 Feb 2020 | 09.31 am

FTV Capital Leads Equity Round At Sysnet

Moynagh family firm has annual sales of €22m

08 Feb 2020 | 09.31 am

Sysnet Global Solutions, a leading provider of cyber security and compliance solutions, has secured growth equity investment from FTV Capital and True Wind Capital.

The company, based in Dublin, says the investment will be used to accelerate Sysnet growth in North America and Europe, as well as expansion into new markets, including Latin America and Asia.

Established in 1989, Sysnet provides payment card industry, cyber security and compliance solutions that help businesses to improve security and acquiring organisations to reduce risk. Its customers support c.3 million merchants in over 60 countries.

Operating company Sysxnet Ltd grew turnover by 35% to €23m in the year to March 2018 and booked an operating profit of €1.6m. Tom Moynagh’s company TMM Capital is the majority shareholder, owning 54% of the equity. Loan finance from Bank of Ireland in March 2018 amounted to €4.5m

Sysnet CEO Gabe Moynagh (pictured) commented: “FTV Capital is a perfect fit for Sysnet given its knowledge of security and payments, Global Partner Network and proven ability to scale high-growth companies.

“True Wind is a seasoned technology, software and security investor, providing decades of operational, growth and scaling expertise to technology companies. We’re incredibly confident that Sysnet will benefit from the experience and expertise that the FTV and True Wind teams bring to the table.”

FTV Capital is growth equity firm with a track record supporting high-growth financial services and technology companies. True Wind Capital, a technology focused private equity firm, co-invested.

FTV Capital founding partner Richard Garman, partner Kyle Griswold and principal Richard Liu will join Sysnet’s board of directors. From True Wind, founding partner Jamie Greene and partner Sean Giese will also join Sysnet’s board.

Richard Garman commented: “Sysnet is revolutionising the way merchants meet payments standards across the globe. With this investment, FTV Capital will use its security market experience and network to accelerate Sysnet’s innovations for the global transaction service industry.”

The Sysnet team was assisted in the transaction by DC Advisory, the Dublin office of the Maples Group, Jamieson Corporate Finance, and EY.

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