Up to 100 jobs are due to be created at an IT company.

The positions for IT consultants are coming onstream at the Irish operations of Version 1.

The firm has been allocated €8 million for the move through the BDO Development Capital fund which was set up earlier this year. The company says it will use the money to expand its operations in the UK.

Version 1 was founded in 1996 by Justin Keatinge and currently employs 500 people here, and in the UK.

The BDO Development Capital Fund forms part of the Government’s Development Capital Scheme, an initiative under the Action Plan for Jobs through which a total of €225million is being made available to mid-sized Irish companies with significant growth potential.

As part of this Scheme, €75million in funds from the Department of Jobs through Enterprise Ireland will be matched with €150million of private sector funding for investments in Irish companies through a series of different funds.

The announcement has been welcomed by the Minister for Jobs and Enterprise, Richard Bruton.

Sinead Heaney, founding Director of The BDO Development Capital Fund said, ”We have been impressed with the level of enquires for funding from businesses across all sectors but in particular food and agri, ICT and medical devices since we launched. These enquires are from businesses with significant export opportunities and ambitious management teams who have the drive and confidence to take on the funding to accelerate their growth plans. We look forward to making further announcements in relation to the Funds’ investments in the coming months."

Version 1 founder Justin Keatinge said, “We can also now tap into the expertise that comes with The BDO Development Capital Fund ; the support of both the Fund’s advisory panel members and the Fund’s Corporate Partners, Bank of Ireland, Glen Dimplex, CRH and Glanbia."