Pearse Mee: AMT-Sybex lands €94m pay day as firm sold to Capita
Published 17/04/2014 | 02:30
Galway technology entrepreneur Pearse Mee has reaped a €94m pay day from the sale of AMT-Sybex, the software firm he co-founded in 1990.
He's the single biggest beneficiary from the sale of the business, which has been bought by outsourced services giant Capita for an initial €100m in cash. Capita has agreed to pay up to a further €27m for the business based on certain future targets being hit by AMT-Sybex over the next 12 months.
Mr Mee (65) is group deputy chairman of the firm and owns nearly 74pc of AMT-Sybex through a Dutch company called Glenshane. Following the sale he will get €74m initially and is in line for another €20m if targets are met.
There are a large number of small shareholders in the business, including investors based in Ireland and the UK.
The next biggest winners from the sale of the company, where Olympic medallist Sebastian Coe is a non-executive director, are AMT-Sybex group chief executive Andy Miller and deputy group CEO Andy Hamlyn.
Both men will receive an initial €5m each for their stakes and could earn a further €1.35m each if the targets set out by Capita are met.
Group finance director Paul Reynolds will receive about €4.2m upfront, and could be in line for a further €1.1m.
AMT–Sybex is a proprietary software business firm which focuses on mobile technology and smart data management for the utilities and transport sector.
It manages the data of 35 million consumers and enables mobile working for over 35,000 employees of client companies. Its customers include Bord Gais, four of the 'big six' energy companies operating in the UK, National Grid, Network Rail and Transport for London.
The company employs about 250 people between offices in Dublin, Belfast and Britain.
It is forecasting an operating profit of €15.5m on turnover of €54m in its current financial year which ends next January.
Capita chief executive Andy Parker said AMT-Sybex offers "powerful synergies" that will help drive "transformational change, improve efficiency ... and get businesses and customers better connected through using digital and other channels more effectively".
Capita employs about 64,000 people at 400 sites and reported revenue last year of £3.9bn (€4.7bn).
Mr Mee said he's "delighted" that AMT-Sybex is joining Capita.
"It provides a strong platform for the company to develop new markets and to grow and prosper further," he said.
Mr Mee was educated in Galway and has keen interests in horse breeding, football and tennis.
He's been a strong financial supporter of the Tory party in Britain.
Current British Foreign Secretary William Hague – a former Conservative leader – was once on the AMT-Sybex board.