Sysnet raises $65m in debt financing, and closes third acquisition since December
Summary
Irish payments regulation company Sysnet has completed its third acquisition in five weeks and raised an additional $65 million (€53m) in debt financing. Founded in 1989 by Tom Moynagh and now led by his son Gabe, Sysnet provides compliance and security management services to almost four million small and medium-sized enterprises (SMEs) and payment processing organisations worldwide. Sysnet, which operates in 60 countries and employs more than 600 people globally, is seeking to expand in both existing markets in North America and Europe and to find new ones. No financial details for the transactions have been publicly disclosed, although Mr Moynagh told The Irish Times they would bring group revenues to over €100 million. Sysnet currently employs close to 300 people in the Republic of Ireland, and Mr Moynagh said he expected headcount to grow in the coming years, both locally and at its other offices.
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