AMCS Group Acquisition, Valuation, Funding & Investors

AMCS Group was acquired by EQT for $2.2B in August 2024.

AMCS Group acquisition price

$2.2B

Acquired by EQT · Aug 2024

Cumulative funding AMCS Group raised

$82M

across 4 funding rounds

Key investors in AMCS Group

  • Insight Partners
  • Ireland Strategic Investment Fund
  • Enterprise Ireland
  • Highland Europe
  • Clearlake Capital
  • Investec

AMCS Group Overview

About AMCS Group

AMCS Group is a Limerick, Ireland-based provider of cloud-based, AI-enabled software for resource-intensive industries including waste management, recycling, transportation, and utilities. Its platform combines enterprise resource planning, route optimization, and telematics with environment, health, safety, and ESG reporting tools to help operators run more efficiently and support the transition to a circular economy. Founded in 2003, the company serves more than 3,800 customers across over 80 countries and has grown through acquisitions including Quentic.


Founded

2003

HQ

IrelandIreland

Status

Acquired

Customer focus

B2B & B2G

Revenue model

Subscription

Valuation

$2.2B (acquired Aug 2024)

AMCS Group Acquisition

AMCS Group was acquired by EQT for $2.2B on 14 August 2024.

Before the acquisition AMCS Group had raised $82M across 4 funding rounds.

AMCS Group, founded in 2003 and headquartered in Limerick, Ireland, develops cloud-based, AI-enabled SaaS platforms including Enterprise Resource Planning, recycling, transport, and EHSQ & ESG software for resource-intensive industries such as waste management, recycling, transportation, manufacturing, and utilities. The company serves over 3,800 customers across more than 80 countries, managing 700,000 vehicles globally, with annual recurring revenues exceeding €200 million, 25-30% growth rates, and nearly 30% profit margins. AMCS supports the transition to a circular economy amid rising regulatory demands, cloud adoption, and supply chain circularity trends, addressing the annual generation of over two billion tons of waste equivalent to 3.2% of global emissions. EQT Private Equity, a Stockholm-based firm, announced on August 14, 2024, its acquisition of a majority stake in AMCS, valuing the company at approximately €2 billion, through its flagship EQT X fund and impact-focused EQT Future fund. Existing investors Insight Partners (initial investor since 2015), Clearlake Capital, Highland Europe, and the Ireland Strategic Investment Fund will retain minority stakes alongside co-founder Jimmy Martin and management. The deal, advised by William Blair for AMCS, Arma Partners for EQT, and law firms Willkie Farr & Gallagher and Clifford Chance, is subject to regulatory approvals and customary conditions, with closure expected before Q1 2025. EQT aims to leverage its software value creation and impact acceleration expertise to fuel AMCS's global expansion, innovation, and sustainability leadership in driving recycling rates and resource efficiency for waste haulers transitioning to circular models. The investment aligns with EQT's long-term horizon for decarbonization impact, positioning AMCS as a market leader in cleantech software amid growing private equity interest in sustainability platforms.

AMCS Group acquisition details
AcquirerDateTypePrice
14 Aug 2024PE buyout$2.2B

AMCS Group Funding History

AMCS Group has raised a total of $82M across 4 funding rounds.

AMCS Group's first fundraising round was a $32M Series B in January 2014. The most recent completed round was a undisclosed-stage round in May 2022.

AMCS Group funding rounds

AMCS Group funding rounds
DateStageInvestorsRaisedDeal Summary
May 2022Undisclosed stageHighland Europe; Clearlake Capital; Ireland Strategic Investment Fund; Insight Partners-AMCS Group raised new equity in May 2022 to fund its acquisition of the German software company Quentic, in a round announced on 12 May 2022 in which Clearlake Capital Group invested for the first time alongside new money from existing shareholders Insight Partners, the Ireland Strategic Investment Fund and Highland Europe. The parties did not disclose the size of the investment or the resulting ownership split. AMCS said the capital and the Quentic acquisition would extend its platform from waste, recycling and transport operations into environment, health, safety and quality and wider environmental, social and governance reporting for resource-intensive industries. AMCS Group was founded in 2003 in Limerick by Jimmy Martin and Austin Ryan and sells cloud software and vehicle technology combining enterprise resource planning, route optimisation and telematics to waste, recycling, transport and utilities operators in more than 80 countries. ISIF had backed the company since the middle of the previous decade and recorded follow-on investments in AMCS in both 2021 and 2022 on its portfolio record.
Apr 2018Undisclosed stageInsight Partners (lead); Ireland Strategic Investment Fund-AMCS Group announced in April 2018 that it had completed a significant equity investment from Insight Venture Partners and the Ireland Strategic Investment Fund, a round reported by the trade press at more than EUR 100 million; the parties did not disclose the amount or the stakes acquired. AMCS said the capital would fund continued product development across its software-as-a-service suite, accelerate growth in North America, Europe and Australasia, and extend the platform into adjacent vertical markets, and it announced at the same time that it would open a new group headquarters in Ireland. Under the terms of the investment Euan Menzies and Henry Frankievich of Insight and Robert Schnittger of ISIF joined the AMCS board as non-executive directors. AMCS Group was founded in 2003 in Limerick by Jimmy Martin and Austin Ryan and supplies cloud software and vehicle technology to waste, recycling, transport and utilities operators, combining enterprise resource planning, route optimisation and telematics in a subscription platform. Insight had first invested in AMCS in 2015, and Highland Europe had led an earlier EUR 23.5 million round in January 2014 alongside Investec.
Aug 2015Series CEnterprise Ireland (lead); Insight Partners (lead); Ireland Strategic Investment Fund$51MAMCS Group, a Limerick, Ireland-based provider of ERP and SaaS software for the global waste management, recycling, material processing, and transport sectors, raised €45 million ($50 million) in August 2015 from lead investors Insight Venture Partners and the Ireland Strategic Investment Fund (ISIF), also known as Enterprise Ireland in some contexts. The funding followed a €23.5 million investment from Highland and Investec Ventures in early 2014 and supported global expansion, product development, strategic acquisitions like U.S. firm PC Scale and Danish Transvision, and plans to double staff to around 260 worldwide, including 40 new hires in Ireland. At the time, AMCS employed 130 staff (50 in Limerick) and served several hundred customers in the growing waste management sector. The investment fueled AMCS's growth in SaaS platforms for route planning, optimization, logistics, and mobile solutions, positioning it as a leader in integrated software for resource-intensive industries. Insight's Euan Menzies joined the board, emphasizing AMCS's dominance in a large global market accelerating adoption of waste and recycling technologies. CEO Jimmy Martin highlighted the capital's role in accelerating product development and international scalability for customer efficiency. Subsequent developments included further investments from existing backers like ISIF and Insight, leading to a 2024 majority stake sale to EQT Private Equity, with Insight retaining a minority position alongside management, Clearlake Capital, and Highland Europe. By 2024, AMCS had grown to over 1,300 employees across Europe, the U.S., and Australia, completing 17 acquisitions since 2015, and reaching an enterprise value of €2 billion in the EQT deal.
Jan 2014Series BHighland Europe (lead); Investec; Enterprise Ireland$32MAMCS Group, founded in 2003/2004 by Jimmy Martin and Austin Ryan and headquartered in Limerick, Ireland, develops end-to-end software solutions for the recycling and waste management industry, including the patented ELEMOS platform that tracks, manages, and weighs waste using specialist chips in bins and containers. The company serves 700 clients internationally, providing services to 9 million homes, and operates in the UK, Ireland, France, Sweden, and North America with 130-135 employees at the time. In January 2014, AMCS Group raised €23.5 million in an equity investment round led by Highland Capital Partners Europe, with participation from existing investors Investec and the Ulster Bank Diageo Venture Fund (supported by Enterprise Ireland). The funding aimed to support international expansion, boost UK presence with 20 new jobs in Glasgow, double staff to around 260 within three years including 40 in Ireland, and pursue targeted acquisitions. Post-investment, Highland partners Fergal Mullen and Tony Zappala joined the board. The company reported strong growth with turnover doubling 50% to €18 million in the 2013 financial year from €8 million in 2011, reflecting expansion in key markets. Shortly after the round, AMCS acquired US-based PC Scale Tech in Pennsylvania, enhancing its global position as the largest provider of recycling and waste management software and technology. AMCS positioned itself as a leader in resource management software amid a growing focus on recycling and sustainability, with the UK waste market estimated at £10 billion annually. The investment marked Highland Capital Partners Europe's first deal from its Dublin office, targeting growth-stage software companies.

Who has invested in AMCS Group?

6 investors have backed AMCS Group across its funding rounds, including Insight Partners, Ireland Strategic Investment Fund, Enterprise Ireland, Highland Europe, Clearlake Capital and Investec.

Lead investors include Insight Partners, Enterprise Ireland and Highland Europe.


AMCS Group Investors

Investors in AMCS Group by funding rounds participated
InvestorHQRoundsRoleFirst check
Ireland Strategic Investment FundIrelandDublin3ParticipantAug 2015
Insight PartnersUnited StatesNew York City, NY3LeadAug 2015
Highland EuropeUnited KingdomLondon2LeadJan 2014
Enterprise IrelandIrelandDublin2LeadJan 2014

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Acquisitions by AMCS Group

AMCS Group has acquired 18 companies to date.

Last acquisition by AMCS Group was on May 1st 2025. AMCS Group acquired Mandalay Technologies for undisclosed valuation.


Latest Acquisitions by AMCS Group

Mandalay Technologies
Selected Interventions
Qv21 Technologies
Figbytes
Description
Mandalay Technologies is a Brisbane-based engineering firm advancing research in sustainable technologies. Its programs emphasize environmental responsibility in areas such as water treatment and resource recovery, deploying proprietary systems across Australian industrial and municipal projects.
Selected Interventions is a software provider of cloud-based logistics optimization for municipal and commercial waste and recycling operations across three continents. The UK-headquartered company manages route planning, fleet tracking, and collection scheduling for major waste firms handling services for millions of citizens.
-
FigBytes is a Montreal-headquartered SaaS provider of ESG and sustainability management software used by over 500 organizations globally. The platform aggregates data from ERP systems, sensors, and third-party sources to automate reporting under frameworks like CSRD, GRI, and TCFD. Launched in 2021, it tracks metrics across scopes 1, 2, and 3 emissions for clients in manufacturing, finance, and energy sectors. FigBytes features AI-driven benchmarks and stakeholder dashboards deployed in 20 countries.
HQ CountryAustraliaUnited KingdomUnited StatesCanada
HQ City
Brisbane
London
-
Ottawa
Deal Date1 May 20251 May 20254 Sep 202431 Oct 2023
Valuationundisclosedundisclosedundisclosedundisclosed
EV/Revenue
EV/EBITDA

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AMCS Group Competitors

AMCS Group competitors include listed companies like Aeva, EquipmentShare.com and Wuxi Boton Technology, and private ones like Verkada, G7 and ElasticRun.

Public and private companies comparable to AMCS Group
CompanyHQStatusRevenueEBITDAValuationRevenue Multiple
AevaUnited StatesUnited StatesPublicly listed$18M($139M)$1.1B35.6x
VerkadaUnited StatesSan Francisco, CAPrivate--$5.8B-
EquipmentShare.comUnited StatesUnited StatesPublicly listed$4.4B$704M$4.6B1.8x
G7ChinaBeijingPrivate--$2.2B-
ElasticRunIndiaPunePrivate--$1.5B-
Wuxi Boton TechnologyChinaChinaPublicly listed$516M$55M$1.3B-

AMCS Group Public Comps

AMCS Group is no longer listed, but its public comps include Spark New Zealand, nLight, Vusion, Keli Sensing Technology, Anhui XDLK Microsystem, GigaCloud Technology, TKH Group, Xiamen Xiangyu Co, Autel Intelligent Tech and NextNav.

Last FYEV/RevenueEV/EBITDA
RevenueEBITDALast FYLTM2027ELast FYLTM2027E
Spark New Zealand$2.1B$672M1.5x1.5x4.8x5.3x
nLight$261M($12M)7.3x6.5x(154.2x)58.5x
Vusion$1.7B$313M1.0x0.9x5.6x4.8x
Keli Sensing Technology$232M$79M8.8x8.2x26.1x32.4x
Anhui XDLK Microsystem$78M$48M26.3x27.0x42.7x42.7x
GigaCloud Technology$1.3B$158M1.6x1.4x12.8x10.6x
TKH Group$2B$300M1.5x1.4x10.4x9.7x
Xiamen Xiangyu Co$61B$523M0.1x0.1x13.8x10.4x

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Common questions about AMCS Group

When was AMCS Group founded?AMCS Group was founded in 2003.
Where is AMCS Group headquartered?AMCS Group is headquartered in Ireland.
Is AMCS Group publicly listed?No, AMCS Group was acquired by EQT in August 2024.
Who acquired AMCS Group?AMCS Group was acquired by EQT in August 2024.
How much was AMCS Group acquired for?AMCS Group was acquired for $2.2B in August 2024.
How much funding has AMCS Group raised?AMCS Group has raised $82M across 4 funding rounds.
What was AMCS Group's last funding round?AMCS Group's last funding round was a undisclosed-stage round in May 2022.
Who are AMCS Group's investors?AMCS Group's investors include Ireland Strategic Investment Fund, Insight Partners, Highland Europe, Enterprise Ireland, Investec and Clearlake Capital.
Which companies are comparable to AMCS Group?Companies comparable to AMCS Group include Aeva, Verkada, EquipmentShare.com, G7, ElasticRun and Wuxi Boton Technology.
How many companies has AMCS Group acquired?AMCS Group has acquired 18 companies, including Mandalay Technologies, Selected Interventions, Qv21 Technologies, Figbytes and Utility Cloud.

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