Dublin-based hotel software solutions provider P3 has announced plans to almost double its workforce and expand into the United States and German markets after securing investment of €750,000.
P3 has received the investment from Business Venture Partners (BVP), and this funding brings the total amount of investment in P3 in the past year to €1.1 million, after the company received €350,000 from Enterprise Ireland in 2021.
The funds will allow P3 to create 15 new jobs - five in the US, two in Germany and the remainder in Ireland - bringing the number of people employed in the company to 40. Roles in Dublin include programmers, client technical support staff and project managers, and recruitment for these positions and for sales and marketing staff in the US and Germany is currently underway.
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P3's global expansion is the result of continuous growth in recent years, driven by the company's partnership with hotel reservation system provider Oracle Hospitality and its acquisition of new leads in international markets.
Statement By P3 CEO
P3 CEO Phelim Pekaar stated, "This investment from BVP will take P3 to the next level - we're delighted to have completed the deal and are now very focused on growth in the US and German markets.
"One of the biggest learnings for the hotel sector from the past two years has been recognition of the need to change and innovate, to embrace technology and use it to your advantage - in areas such as integrated online check-in/checkout and secure payment facilities.
"Lots of hotels which previously did not give enough consideration to this are now analysing their IT infrastructure and are changing their older reservation systems to newer platforms, such as OPERA Cloud, which offer greater automation and operational efficiency.
"They want to realise the benefits that technology offers and are now looking for software solutions which allow them to enhance the guest experience and drive revenue growth. This shift is providing tremendous opportunities for companies such as P3."
Employment and Investment Incentive Scheme
The BVP investment is being made as part of the Irish government's Employment and Investment Incentive Scheme (EIIS), under which private investors in SMEs are eligible for up to 40% income tax relief on the amount of their investment.
Statement By BVP Managing Director
BVP managing director Elliot Griffin stated, "We believe that P3 is a good fit for BVP. Our investment is the culmination of a process where we took time to learn and understand the mechanics of what P3 does, the people involved in the company, and its potential for growth. We've built a strong relationship with P3 on the back of this process, and we're excited about helping them to capitalise on the tremendous opportunities in the hotel technology sector."
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