Nos­tra hunts for deals af­ter €3m fundrais­ing

Sunday Independent (Ireland) - Business & Appointments - - FRONT PAGE - Gavin Mclough­lin

IT busi­ness Nos­tra is close to rais­ing €3m to fund an ac­qui­si­tion drive.

Nos­tra chief ex­ec­u­tive Kevin O’lough­lin told the Sun­day In­de­pen­dent that the com­pany has re­ceived term sheets from a num­ber of po­ten­tial in­vestors and is in due dili­gence with oth­ers.

“We’ll make a de­ci­sion to­wards the end of the year. We’re look­ing to have funds in the first quar­ter of next year to com­plete the first ac­qui­si­tion,” O’lough­lin said. “We’re cur­rently talk­ing to four busi­nesses that we’d like to ac­quire,” he added.

O’lough­lin is one of the fi­nal­ists in the ‘In­ter­na­tional’ cat­e­gory of this year’s EY En­tre­pre­neur of the Year com­pe­ti­tion.

The busi­ness turned over €7m last year and is ex­pect­ing to reach €10m this year. It pro­vides man­aged out­sourced IT ser­vices to clients in­clud­ing Dawn Farm Foods and Oa­sis Doc­u­ment Stor­age. It is also look­ing at plans to ex­pand to the United States and is cur­rently on a re­cruit­ment drive.

“My dad had a phrase that you can teach a nice guy to be a bar­tender but you can’t teach a bar­tender to be a nice guy. We very much fo­cus on very nice and per­son­able peo­ple, and we then train them in what­ever skills they need to be top IT engi­neers.

“Ob­vi­ously you have to be in­ter­ested in tech­nol­ogy to be in that space. We want, ul­ti­mately, our cus­tomers to have a pos­i­tive ex­pe­ri­ence at ev­ery en­gi­neer­ing in­ter­ac­tion,” O’lough­lin said.

Nos­tra chief ex­ec­u­tive Kevin O’lough­lin

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