Press Releases

Back

Pentech Ventures invests in Aircraft Management Technologies

19 May 2002

Aircraft Management Technologies (AMT) announced today the closing of a €5 million 2nd round private equity funding which was led by Pentech Ventures with Enterprise Ireland and Davy Stockbrokers Private Clients. Existing investor Delta Partners also followed their original investment and participated in this round. This follows success in fully securing over €3M in orders for AMT’s wireless software solutions from airlines worldwide including Futura and Atlas. As part of the deal, Pentech advisor Robert Thomson will join AMT’s board of directors.

Founded in 2000 and headquartered in Dublin, AMT is the leading provider of open information system technology to automate and streamline operations within the aviation industry. AMT’s flagship product eTechlog™ offers secure, wireless transmission of aircraft technical and operations data via XML technology and portable computing devices. Flight and ground crew input operations and maintenance information, which is in turn transmitted to a web services based Aircraft Data Server during the aircraft turnaround cycle. The deployment of eTechlog achieves substantial cost savings and improved operational efficiencies for commercial airlines.

Commenting on the investment Bernard Hensey, CEO of AMT said:

"This round of investment enables AMT to continue our ongoing investment in our XML based wireless platform that can handle the challenging workflow requirements of our aviation customers. We will also be expanding our sales, customer support and channel management infrastructure to allow us to continue to market our products effectively worldwide."

To date, AMT have announced substantial customer wins with Atlas Air, a major cargo airline based in Purchase New York, and Futura International Airways, a subsidiary of Aer Lingus based in Palma de Mallorca and one of the leading charter airlines in the world.

"AMT is offering a robust, low cost approach to creating a paperless aircraft environment and we believe there is great growth potential in the company as airlines seek to improve efficiencies and lower costs," said Pentech director Eddie Anderson.

"We were attracted to the company by the strong management team, and the massive global market for their products. Robert is joining the board, and I’m sure that his commercial experience will help the existing management team maximize the potential of the business."

Existing investors Delta Partners also made a significant investment in this funding round and will continue to provide hands on expertise to develop the company. Delta partner Shay Garvey said,

"AMT has successfully completed its initial start up phase. Delta is confident that with the new capital investment AMT can now grow to become a successful international software vendor by providing products and solutions that add real value to its customer base in the aviation sector."