Kernel Capital, has confirmed a €1.5m investment in Investee Company MPSTOR Ltd, an Enterprise Ireland HPSU Company and developer of data storage management products. Kernel Capital through The Bank of Ireland Kernel Capital Fund and Asian Investment firm Winning Tack led the investment. Mr. Kevin Haverty has been appointed as MPSTOR’s new CEO with immediate effect, Mr. Haverty was previously CEO of Mentec International Ltd. The company is based at the Cork Institute of Technology’s Rubicon Centre.
Commenting on the announcement, Frank Ryan, CEO of Enterprise Ireland said: “Enterprise Ireland welcomes this international investment and also the investment by a venture capital fund that’s supported by Enterprise Ireland in this early stage high potential company. These are exactly the type of international linkages that can help young and ambitious companies grow and develop their export markets.”
“This investment enables the enhancement of our management team through the appointment of Kevin Haverty and we are now focused on enhancing our existing sales team through additional appointments,” said MPSTOR Director, William Oppermann.
Orla Rimmington, Operations Manager at Kernel Capital added: “We are pleased to be associated with this Corkbased indigenous company that is demonstrating strong global reach through its compelling product suite.”
The MPSTOR team located in Cork and Dublin sell storage management software to the $16.5bn Data Storage Market. MPSTOR’s software runs on a wide range of storage devices including Intel platforms, allowing it to scale from entry level to enterprise performance very cost effectively.
For additional information please contact:
Orla Rimmington, Operations Manager, Kernel Capital.
Tel: +353 21 4928974
Fax: +353 21 4928977
About Kevin Haverty
Kevin Haverty joined MPSTOR in October 2009 as CEO. With almost 30 years experience in the IT Industry, he commenced his technology career in 1978 with the Smurfit Group. He joined Mentec International Ltd in 1982 and fulfilled various senior technical, sales and management roles prior to his appointment as CEO in 1999. During this period, he was responsible for moving the company from amixed product reseller strategy to one of a focused software operation and he grew the business both organically and through a number of strategic acquisitions in the UK. Kevin led the Mentec acquisition by the Calyx Group in late 2006 and oversaw its integration until June 2008. He is a graduate of Trinity
College Dublin (mathematics) and from the Marketing Institute of Ireland.
About Kernel Capital (www.kernelcapital.ie)
Kernel Capital is one of Ireland’s largest and most active venture capital funds. Established in 2002 the firm has a portfolio of investee companies across technology, life science and general industry. Kernelhas made 50 investments in ten companies’ predominantly pre-revenue start-ups to date. With investment funds of €165m under management through Kernel Capital and its associate company Seroba Kernel. The firm targets investment opportunities in the range of €250k to €5m+. All sectors and all stages of a company’s development are considered. The Kernel team has been instrumental in numerous corporate finance and IP licensing transactions totaling several hundred million Euros and are
named inventors on over 50 patents. The Bank of Ireland Kernel Capital Private Equity Fund II has received funds under the Enterprise Ireland Seed and Venture Capital Scheme.