L to R, Fergal McAleavy, senior investment director ISIF; Leo Mac Canna, founder and CEO, Ocuco; and Nick Ashmore, director, ISIF.
Photo courtesy of Picture Fennell Photography.

DUBLIN, Ireland—Ocuco Ltd., a leading provider of software to the eyecare industry worldwide, has announced a €40 million refinancing including a €25 million term extension of its facilities with Wells Fargo Capital Finance (Technology Finance Division) and a €10million commitment from the Ireland Strategic Investment Fund (ISIF), with an agreement for another €5 million planned. The investment will primarily support continued research and development  as well as product development at Ocuco's global headquarters in Blanchardstown, Dublin. The tech company plans a staffing growth from 80 to 130 software developers to build out the next generation of its omnichannel, clinical and optical practice management systems on the cloud. There will also be an expansion in the company's international teams in the U.K., Europe and the U.S.

Leo Mac Canna, founder and CEO, said, "Following the disruption caused by the pandemic on all industries exposed to retail trade, we are delighted to be in a strong position to invest in the future, both for our staff and for our customers, which include independent opticians and some of the world's largest optical retail chains. We believe that the eyecare industry must move online to compete in the future and meet customer demand. The next generation of our products is designed to meet this shift toward mixed provision of eyecare services both online and on-premise."

The company has grown both organically and through acquisition to over €35 million in revenues and 300 staff based across 18 offices in 14 countries. With customers in over 10,000 sites in 80 countries, over 50 percent of Ocuco's sales are in North America. Over the last decade, Ocuco has acquired over 15 companies and intends to resume its acquisition program as opportunities present, the company added.

Fergal Meegan, Davy's financial advisor to Ocuco, said, "Ocuco is leading by example with a 20-year history, growing an indigenous software multinational from its Irish base. It has continuously recruited the finest talent to grow an international leadership position at the frontier of the growing digital enablement for the eyecare market. The business is capitalized for the next phase of exciting growth and, as such, it has been great to be a part of putting the parties together."

Fergal McAleavey, senior Investment director, ISIF, added, "ISIF has a double bottom line mandate to invest on a commercial basis in a manner designed to support economic activity and employment in Ireland. This investment is a great example of that mandate in action while also supporting an indigenous software company. We're delighted to have a company of Ocuco's caliber in our stable and to partner with them on their journey toward €100 million+ in sales."

Ocuco provides omnichannel solutions to the eyecare retail, optometry, ophthalmology and lab markets worldwide. Ocuco leads the U.K. and Irish optical markets with their flagship products Acuitas and Innovations. Acuitas' software suite includes point of sale, practice management, EHR and e-commerce software solutions for eyecare professionals. Ocuco's leading lab management solution, Innovations Enterprise, manages thousands of labs worldwide.

Ocuco is an Irish-owned software company established in 1993 in Dublin by Mac Canna. The company maintains its corporate headquarters in Dublin, Ireland, with offices in the U.S., Canada, the U.K., Italy, Sweden, Norway, Denmark, Spain, Belgium, the Netherlands and China.