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Friday 19 September 2014

Rumours Dublin's global technology conference 'The Summit' to be sold for $48m 'not true'

Published 24/07/2014 | 17:23

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Paddy Cosgrave, founder of the Dublin Web Summit Photo: Colin Keegan/Collins
Paddy Cosgrave, founder of the Dublin Web Summit Photo: Colin Keegan/Collins
We live in a digital world
We live in a digital world
31/10/13
The fourth Web Summit at the RDS.
Pictured: Patrick Collison from Stripe.
Pictures Declan Masterson Photography
Patrick Collison of Stripe

Dublin’s global technology conference ‘The Summit’ is not being sold to an American festival, despite industry rumours.

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The rumour mill began churning after a post on gossip app Secret which claimed the Irish-based Web Summit, this year partnered with Independent News & Media, was going to be bought by US festival South by Southwest (SXSW) for up to $48m (€35.6m).

However, a spokesperson for 'The Summit' told independent.ie the rumour was 'not true'.

The post on Secret read; “Web Summit is about to be bought by SXSW”.

Comments on the rumour suggest the sale of the summit would be as high as $48m.

Web Summit (known as ‘The Summit’) is a Dublin-based technology conference which began in 2010 and has grown to become Europe’s largest technology conference, creating €20m for the local economy.

Co-founded by Paddy Cosgrave, last year the conference attracted over 10,000 people from 97 countries last year and is expecting over 20,000 attendees this year.

Mr Cosgrave also founded the high-profile 'F.ounders' conference and returned profits of over €600,000 between the two in 2013. 

Last year’s attendees at The Summit included Taoiseach Enda Kenny, PayPal Vice President of Global Operations Louise Phelan, Tony Hawk of Tony Hawk Foundation USA, Dropbox founder and CEO Drew Houston and Stripe co-founder Patrick Collison.

The rumoured buyers, US festival SXSW, is an annual music, film and interactive conference held in Austin, Texas.

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