AMT raises €5 million in second round funding

Dateline: 20 May 2002

Irish based aviation industry software provider, Aircraft Management Technologies (AMT), today announced the closing of €5m in second round private equity funding from Pentech Ventures, Enterprise Ireland, Davy Stockbrokers Private Clients. and existing investor Delta Partners. AMT will be the first of the more recent Irish start up companies to receive second round funding. This follows success in fully securing over €3m in orders for AMT’s wireless software solutions from airlines worldwide, including Futura and Atlas. As part of the deal, Pentech advisor Robert Thomson will join AMT’s board of directors.

Founded in 2000 and headquartered in Dublin, AMT is the leading provider of open systems information technology to automate and streamline operations within the aviation industry. AMT’s flagship product, eTechlog™, offers secure, wireless transmission of aircraft technical and operations data via XML technology and portable computing devices. Flight and ground crew input operations and maintenance information, which is in turn transmitted to a web services-based Aircraft Data Server during the aircraft turnaround cycle. The deployment of eTechlog achieves substantial cost savings and improved operational efficiencies for commercial airlines.

Commenting on the investment Bernard Hensey, CEO of AMT said: “This round of funding enables AMT to continue our ongoing investment in our XML-based wireless platform that can handle the challenging workflow requirements of our aviation customers. We will also be expanding our sales, customer support and channel management infrastructure to allow us to continue to market our products effectively worldwide.”

To date, AMT have announced substantial customer wins with Atlas Air, a major cargo airline based in Purchase, New York, and Futura International Airways, a subsidiary of Aer Lingus based in Palma de Mallorca and one of the leading charter airlines in the world.

"AMT is offering a robust, low cost approach to creating a paperless aircraft environment and we believe there is great growth potential in the company as airlines seek to improve efficiencies and lower costs,” said Pentech director Eddie Anderson. “We were attracted to the company by the strong management team, and the massive global market for their products. Robert is joining the board, and I’m sure that his commercial experience will help the existing management team maximise the potential of the business.”

Existing investors Delta Partners also made a significant investment in this funding round and will continue to provide hands on expertise to develop the company. Delta partner Shay Garvey said, "AMT has successfully completed its initial start up phase. Delta is confident that with the new capital investment AMT can now grow to become a successful international software vendor by providing products and solutions that add real value to its customer base in the aviation sector.” Delta Partners have been involved with AMT since even before the company was incorporated, as AMT’s co-founder and Chief Operating Officer, Steve Hardgrave, was Entrepreneur in Residence at Delta Partners in the early stages of the company’s formation.

Delta Partners Limited is regulated by the Central Bank of Ireland