CashCollector Secures Investment from Enterprise Ireland

28th July 2006:

CashCollector cashflow management software now available as an integrated software solution to over 60,000 users of MAS 90/200 in North America.

David Malone Founder & CEO of CashCollector, the technology company set up to reduce companies outstanding debt, today welcomed the investment by Enterprise Ireland, one of the largest equity investors in the country under its High Potential Start Up (HPSU) initiative.

CashCollector has developed a world-class software solution that integrates with accounting packages such as Sage & Microsoft Dynamics and helps companies ensure their debtors settle their invoices more quickly.

Having already delivered outstanding results for clients such as Golden Pages and Eircom in Ireland, the funding will be used by CashCollector along with private equity to fund it's expansion into the USA. The investment follows Enterprise Ireland's vision & strategy, which aims to 'accelerate the development of world-class Irish companies to achieve strong positions in global markets' (Source: Enterprise Ireland Strategy 2005 - 2007: 'Transforming Irish Industry').

The investment decision was confirmed by Aidan Stack, Manager, Enterprise Media, Software and Services, Enterprise Ireland, who said: " Enterprise Ireland is delighted to support CashCollector, an emerging company with a crystal clear value proposition for their customers... getting outstanding debts paid sooner. CashCollector has achieved impressive results for some blue chip customers in Ireland that will be very good reference sites for targeted customers in the US. We look forward to continuing to work with CashCollector in expanding into the US market."

Welcoming the investment and grant-aided support, CashCollector Chief Executive David Malone said, "Enterprise Ireland immediately saw the value of what we were doing in offering an innovative software solution to a clear business need. Every company wants to reduce their costs & improve their cash flow & CashCollector offers a unique solution which has been extensively tested and consistently delivers exceptional performance."

Over the last number of months, CashCollector has achieved several key milestones, including the appointment of a complete team of experienced Management, a successful round of equity funding organised by CashCollector's co-founder Johnny Inglis & is now actively promoting the technology across it's key markets.

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