BDO/Davy EIIS Fund invest €1.5 million in CWSI
07 May 2019
Dublin based enterprise mobility specialist, CWSI, has secured funding of €1,500,000 from The Davy EII Tax Relief Fund 2018, which is a joint venture between BDO and J&E Davy.
In total, The Company raised over €2.3m, following an investment some months earlier of approximately €850,000 from a number of private investors. CWSI was advised on both investments by Focus Capital Partners. An earlier funding round completed in 2015 valued the business at circa €4.5 million.
CWSI was set up in 2011 by Ronan Murphy who has a strong track record* in the mobile sector, and currently employs 32 people and has offices in Dublin and London.
CWSI advises companies and organisations on how to integrate mobile enterprise solutions into their business models and manages the heightened security risks facing businesses using mobile platforms and applications.
Clients include banks, online betting firms, airlines and Government Departments. The company works directly with clients or through leading mobile phone operators who use CWSI to provide and manage security applications for business customers.
Speaking today, Ronan Murphy, Founder and CEO of CWSI said; “Mobility is now at the heart of every business and our role is to help companies manage both the opportunity and the risk that comes with that. The global mobile platform security market will be worth an estimated $1 billion by next year – up from just $200 million 2017. Mobile phone Operators are keen to work with third party companies like ourselves as we can help them provide and manage key security tools to protect their business customers.”
Murphy paid tribute to the team at BDO; “We’re thrilled to have the support of the BDO team and the BDO/Davy EIIS Fund. This fund has a proven record of backing ambitious, successful businesses and we’re looking forward to working closely with them to build out our business over the coming years.”
Sinead Heaney, Partner, Corporate Investment at BDO, who led the investment on behalf of the BDO/Davy EIIS Fund said that the investment reflected confidence in the CWSI model and the scale of the market opportunity; “CWSI has established a leadership position in the Irish and UK markets and we believe that this sets it up strongly for future growth and expansion. We’re delighted to join forces with Ronan and his team, and we look forward to supporting their ambitious plans in the years ahead.”