Growth in global export markets has led to a successful £3.5m investment round in Cirdan. The deal was announced earlier this week. The funds will be used to increase the Cirdan workforce and to develop our existing sales presence globally.
Cirdan CEO Hugh Cormican summarised “We are delighted to be working with Kernel Capital. Kainos and our existing investors. Over the last 3 years we have been working closely with Kainos on product development and this investment consolidates our relationship. Cirdan sees a lot of opportunities and with the investment and Kainos support, it puts us in an excellent position to capitalise on them.”
The £3.5m equity investment consists of £0.9m from Kainos plc, £2m from Kernel Capital through the Bank of Ireland Kernel Capital Growth Funds and the remainder is being raised from private entities and existing shareholders. Kainos are one of the UK’s leading independent digital technology companies and a market leader in in the provision of Mobile-Enabled Healthcare solutions to the NHS. Kernel Capital is the manager of the Bank of Ireland Venture Capital Funds and have in excess of £145m under management on the island of Ireland. Existing Cirdan investors include the Co Fund NI and QUBIS. Cirdan is a client company of Invest NI.
Senior Investment Executive, Kernel Capital and Cirdan Director, Allen Martin, commented
“We recognised that Cirdan Imaging is a progressive NI company with an excellent team and high ambition. Led by Hugh Cormican CEO with Stephen Dunniece CTO, they and their team have demonstrated their business, engineering and marketing acumen to innovate and create disruptive products and sell them Worldwide. CEO of Kainos Brendan Mooney also noted the synergies between the two companies: “We are delighted to have made this investment in Cirdan. The firm is a fast-growing and exciting medical diagnostics business. Our close relationship will open doors for both businesses, creating interesting new growth opportunities.”
In the photo from left: Helen Morris, Marketing, Kernel Capital : Hugh Cormican, CEO, Cirdan : Gillian Sadlier, Senior Business Manager, Business Banking NI, Bank of Ireland: Nigel Hutchinson, Head of Kainos Evolve, Kainos.
About Cirdan www.cirdan.com
Cirdan is an innovative company focused on the design and manufacture of medical imaging and informatics technology for the acceleration and enhancement of medical diagnosis. Founded in 2010 with headquarters in Lisburn, Northern Ireland, Cirdan also has bases in Canada and Australia. Products include the widely used Ultra laboratory information system and hardware plus software for pathology imaging.