Software group iQuate raises $10m as it looks to the cloud for new growth opportunities

Irish software company iQuate has closed a $10m (€9.14m) funding round to drive further expansion, backed by Dublin and Silicon Valley based Atlantic Bridge Venture Partners and private investors. The funding values the tech firm at $40m and comes after it signed global partnership agreements with Hewlett Packard Enterprise and Cisco, while also counting Fortune 500 companies such as DHL, American Express, Sky and Volvo among its clients. The firm specialises in identifying the range of often complex software licences and other IT services that companies use across their technology infrastructure, allowing them to better streamline their approach. The investment in the firm follows a period in which iQuate refocused its strategy to take advantage of opportunities it saw from the move by many corporates away from software to cloud solutions for their IT needs, said McNally. That gave our investors the confidence to back our decision to build a new enterprise software platform from the ground up, based on a strategic bet that IT investments would move to the cloud, and that companies of all sizes would need help getting there," he said.