€4m investment to create 30 jobs at IT recycling firm
By Maurice Garvey
RATHCOOLE based IT recycling company AMI is to invest €4 million and create 30 new jobs to its operations in Dublin and Belfast.
The investment will enable the IT recycling company to increase its workforce to 90 by 2021, and target a number of strategic acquisitions in the UK and Ireland.
Rob Clarke, Chairman, AMI, and Philip McMichael, CEO, AMI, announcing AMI's €4 million investment and 30 new jobs.
UK acquisitions and investments in AMI’s subsidiary, DiskShred, will allow the company to extend its service offering in international markets.
In the last three years, AMI has more than doubled its workforce from 25 to 60, and revenues have grown by over 50 per cent in the past two years to €8.1 million.
Philip McMichael, CEO, AMI, said the requirement of organisations to show compliance with GDPR legislation by securely disposing old IT equipment is fuelling demand for their services.
“The additional hires, expanded premises and the development of our technology and service capabilities will all support us in meeting this increasing demand,” said Mr McMichael.
He said AMI will remain on the lookout for acquisitions of IT disposal and IT installation businesses that can “easily integrate into the company.”
The investment will also facilitate the growth of AMI’s recently launched deployment and relocation service, which provides organisations with a secure way of managing IT refreshes and office moves.
The service is forecasted to generate more than €1.15 million in revenue over the next 24 months.
Funding was raised through €570,000 from investor Rob Clarke, retained shareholder earnings of €1.71 million and debt finance of €1.71 million.
Mr Clarke will also be appointed to AMI’s board as chairman.
Rob Clarke, AMI Chairman, said: “It’s refreshing to see a company not rest on its laurels but instead pursue ambitious growth targets with a clear expansion plan in mind. I hope to use my experience to help AMI achieve these goals.”
