Irish technology company Spanish Point Technologies is set to accelerate growth following a strategic investment from UK-based private equity firm Apiary Capital.The company did not disclose the value of the investment, but industry sources estimated it was an eight-figure sum. The investment will fund product expansion for the company and support its international growth. It will also add more jobs to its current workforce, which currently stands at 120. That will include sales staff in London, and it also plans to recruit for its engineering team in Dublin. “We believe Spanish Point Technologies is well-positioned for continued success as businesses seek to modernise infrastructure and operationalise AI, and we look forward to supporting the team through this next phase of growth,” said Thomas Alldred, partner at Apiary Capital.Spanish Point Technologies co-founder John Corley is continuing as chief executive, overseeing product innovation. Daire Cunningham will be responsible for services and operational delivery as chief operating officer. David McRedmond: ‘O’Connell Street needs high density housing’ Listen | 50:36This is the first external funding the company has taken on, with its cofounders bootstrapping its development in the past. As part of the Apiary deal, cofounder Donal Cullen is exiting the business, along with an early angel investor. Corley will retain a “significant shareholding” in Spanish Point Technologies. The company is set to report earnings before interest, tax, depreciation and amortisation of around €4 million, with revenue of more than €6 million. Spanish Point has recorded growth of 30 per cent per year in revenue in the past few years. The company also plans to further expand its presence in London, where it established a presence in London about six months ago. “We’ve been growing really strongly, and that’s really led to this decision. We want to grow faster and start to do acquisitions, particularly in the UK. We have a couple of acquisitions in mind in that area,” said Corley. “We’re the market leader for collective rights management organisations, but we want to maintain that position. It’s a reasonably new market, so we’re going to really accelerate on the product development front, as well as look at a strategic acquisition of complementary technology in the music industry.”Spanish Point Technologies, which is celebrating more than 20 years in business, specialises in helping complex organisations modernise through enterprise software and intelligent Microsoft-native platforms. Its product portfolio also includes Matching Engine, an artificial intelligence, cloud-native platform aimed at supporting global copyright infrastructure and royalty distribution workflows at leading rights organisations. Corley said the team at Apiary Capital had a strong track record of helping founder-led technology businesses build growth. “What excites us about this next stage is the opportunity to continue scaling our own products and intellectual property internationally while helping organisations modernise critical infrastructure in a much faster and more intelligent way.”Founded in 2005, Spanish Point operates across more than 13 countries, and supports organisations across the copyright, royalty distribution, membership, licensing and digital rights management sectors in Europe and North America.