Obelisk, the Cavan-based telecoms group is to create 200 new jobs. The news comes after the company raised €6 million in funding to support their expansion in the UK and South Africa.
The news will see a significant increase in employees and revenue. Obelisk currently employs 250 engineers and generates annual revenues in excess of €20 million. Export revenues currently account for 40 per cent of the company's turnover.
Obelisk was founded in 1996 by Colm Murphy and Padraig Brady and provides specialist services to the telecoms and utility sectors. They began by servicing the Irish telecoms sector, but in the past decade they have expanded into power infrastructure projects. It is this that has lead Obelisk to expand into the British and South African markets.
Approximately half of the €6 million funding came from the BDO Development Capital Fund. This is an initiative that will provide a total of €225 million to mid-sized companies that show growth potential. The BDO scheme comprises €75 million in funds from the Department of Jobs through Enterprise Ireland. This will be matched with €150 million of private sector funds for investment in Irish companies.
“The global markets for telecommunications and power infrastructure are set for exponential growth and we believe Obelisk has the expertise and experience, coupled with lots of hard work and commitment, to capture a significant part of this growth,” said chief executive Declan O’Neill.