Dublin, 17th May 2005 - CR2 Group, a global provider of channel banking ATM and card payment solutions, announces that significant investment will be injected into the company, which has been raised between the three parties of new investors Trinity Venture Capital (Trinity), ACT Venture Capital (existing investors) and CR2’s management team, appointed in 2004.
As part of the transaction Trinity along with CR2’s new management team have acquired a considerable stake in the organisation from its existing shareholders. A new CR2 board is to be appointed shortly, and will include representations from the CR2 Management Team, ACT Venture Capital and Trinity Venture Capital.
CR2, which was established in 1997, has in excess of 100 clients in over sixty-five countries. It has a global network of offices located in Dublin, Dubai, London, Bangalore, and Perth, with recent representation established in Johannesburg.
This injection of capital will be used for CR2’s market expansion into Asia and Europe and the development of new products in CR2’s Dublin Development Centre.
Mr. Martin Dolan CEO of CR2 said
"Significant investment by Trinity, ACT and the management into CR2 will enable us to grow the business. CR2 is cash flow positive and the new management recognises the potential of the company and its flagship product, BankWorld. The convenience banking sector, where customers access their finances via internet, mobile, or ATM, is set for considerable growth, as it lowers the bank's cost of service while improving the customer's interaction with the bank. CR2, as a global vendor, is uniquely positioned as our applications are deployed across these self-service channels and are installed on the banks associated card payment services."