BANK OF IRELAND KERNEL CAPITAL VENTURE FUNDS
Huawei acquires SDN software technology from Amartus
Cork Ireland, 14 July 2015:
Kernel Capital confirm that Huawei, a leading global ICT provider, have announced the acquisition of Amartus' SDN software technology. The Bank of Ireland Seed and Early Stage Equity Fund managed by Kernel Capital first invested in Amartus in September 2012. The deal delivers for our investors Bank of Ireland, Enterprise Ireland, The University of Limerick Foundation and The University of Galway Foundation a significant multiple return; it is agreed no further financial details will be disclosed. The transaction, which is Huawei’s first Irish acquisition, involves the Amartus senior team and product staff based in Ireland, joining Huawei (Ireland). This demonstrates Huawei's commitment to expanding its research and development investment in Ireland and across Europe. It will enable Huawei to accelerate its SDN roadmap and improve its competitiveness in SDN solutions and services by introducing fast business innovation and multi-vendor capability.

"We are delighted to have acquired the ground breaking Amartus technology. The expertise and talented staff from Amartus product group who will be joining Huawei will help deliver our commitment to produce and develop innovative and high quality cloud and network services."
Zha Jun, President of Huawei's Fixed Network Product Line

“We congratulate all of the team at Amartus on their tremendous success and we are delighted that their achievements have been rewarded. Today’s announcement follows our recent Q2 2015 divestments at NeoSurgical Ltd and Wavebreak Ltd and it is our 19th successful exit over the past ten years. We envisage further divestments form our Funds across the remainder of the year.”
Ger Goold, Partner, Kernel Capital

Today, the Bank of Ireland Kernel Funds portfolio companies employ almost 1,200 in Ireland, most at graduate level.

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For further information please contact:
Dawn Walsh, Kernel Capital.
Tel: +353 21 4928974


Notes to Editors:

About Kernel Capital www.kernel-capital.com
Kernel Capital is manager of the Bank of Ireland Kernel Venture Funds and with its associate life science investment firm Seroba Kernel has in excess of €235m under management in venture capital funds, investing in ICT, Life Science and general seed and early stage investments. These Funds are supported by Bank of Ireland, Enterprise Ireland, Invest NI, University of Limerick Foundation, NUI Galway Foundation and a range of other financial institutions including public and private pension funds and a family office. The Bank of Ireland Kernel Capital Venture Funds portfolio of 80+ companies employ almost 1,200 people in Ireland and have been granted over 150 scientific patents. Kernel Capital and its 40% owned associate firm Seroba Kernel are committed to dynamic, innovative, knowledge based companies and recognise that it is an exceptional time for investment.

Bank of Ireland Seed and Early Stage Equity Fund
Bank of Ireland Seed and Early Stage Equity Fund is a €32m Fund and part of the €235m suite of Bank of Ireland Kernel Capital Venture Funds that invests and early stage and growth stage companies. This Seed and Early stage Fund has a focus on export orientated high potential start-up companies that operate in the technology (including green technology), food and financial services sectors, in addition to supporting patent and patent pending projects within Irish universities. It is managed by Kernel Capital on behalf of Bank of Ireland, Enterprise Ireland, University of Limerick Foundation and NUI Galway Foundation.

About Huawei
Huawei is a leading global information and communications technology (ICT) solutions provider. Through our dedication to customer-centric innovation and strong partnerships, we have established end-to-end advantages in telecom networks, devices and cloud computing. We are committed to creating maximum value for telecom operators, enterprises and consumers by providing competitive solutions and services. Our products and solutions have been deployed in over 170 countries, serving more than one third of the world’s population. For more information, visit Huawei online: www.huawei.com Follow us on Twitter and YouTube.

About Amartus
Founded in 2003, Amartus is a leading provider of software development & integration services and solution to telecommunication vendors and service providers. The company is an active member and participant of leading standards organizations including the European Telecoms Standards Initiative (ETSI), TM Forum and Metro Ethernet Forum (MEF). The company is privately held and is headquartered in Dublin, Ireland, with offices in the U.S. and Poland. Under the Huawei transaction Amartus retains the right to service current customers and Amartus’ primary focus going forward will be providing telecoms software development and integration expertise and services to vendors and service providers. More information is available at www.amartus.com.

Kernel Capital was advised by RDJ Cork
Amartus was advised by LK Shields
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