DUBLIN, Ireland - CR2 Group, a global provider of channel banking ATM and card payment solutions, received a significant investment from Trinity Venture Capital, ACT Venture Capital and CR2's management team.
According to a news release, Trinity and CR2's new management team, which was appointed in 2004, have acquired a considerable stake in the organization from existing shareholders. A new CR2 board will be appointed, which will include representatives from the CR2 Management Team, ACT Venture Capital and Trinity Venture Capital.
The 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.
"Significant investment by Trinity, ACT and the management into CR2 will enable us to grow the business," said Martin Dolan CR2's chief executive. "CR2 is cash-flow positive, and the new management recognizes 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."
