A Newport native has been to the fore of securing a multi-million euro historic venture debt deal with the European Investment Bank for a top end software development company based in the Czech Republic.
The European Investment Bank (EIB) has confirmed offering Y Soft Corporation, a multinational software and electronic hardware company based in the Czech Republic, financing of €30 million to advance a range of office-management technologies including robotics and sensors.
The agreement, negotiated on behalf of Y Soft by Newport native, John Collins, is believed to be the first of its kind in Central and Eastern Europe for EIB and is expected to have broader geopolitical significance.
The EIB support takes the form of venture debt for Y Soft to accelerate the development and deployment of cloud-based office solutions (SAFEQ) and a family of automation tools (AIVA) that features robotics, cameras, sensors, and software working in tandem. This type of financing combines debt and equity, offering flexibility to recipients and sharing risks and rewards between investors and companies.
John Collins, the eldest son of the late Michael and Kathleen Collins, High Street, Newport, is Chief Financial Officer, and Vice-Chairman of Y Soft, based in Brno.
John has lived in Bratislava, Slovakia, for 11 years, and commutes to Brno in the Czech Republic just across the border. In between he did a stint of two years in Budapest.
“I spent 23 years in England before that and managed a successful trade sale there back in 2006, so I’ve been away from Ireland for quite a long time now. I love this part of Europe but of course miss family, the sea and hurling,” he said.
The EIB financing will support Y Soft’s research and development activities primarily in the Czech city of Brno over the next three years. The EIB support, which represents half the company’s project cost of €60 million, is made possible through the Invest EU programme to mobilise additional investment for European policy priorities over the 2021-2027 period.
EIB Vice-President, Kyriacos Kakouris, said: “Y Soft’s project exemplifies how cutting-edge solutions can drive both productivity and sustainability, aligning with our mission to accelerate Europe’s digital transformation and support dynamic enterprises with global reach.”
Founded in 2000 in Brno, Y Soft develops enterprise software for print and scan management both on-premises and in the cloud. The company’s products are used in over 190 countries around the world and help businesses remove print servers, enhance security and automate document-related workflow’s in the cloud.
Published:
Fri 22 Nov 2024, 10:15 AM
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Publish date : 2024-11-22 02:15:00
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