Moore earns €150m from sale of €500m TargusInfo
Published 16/10/2011 | 05:00
Louth-born businessman George Moore may have banked up to €150m after the sale this week of TargusInfo, his Washington DC-based marketing technology company, the Sunday Independent can reveal.
Declining to disclose the exact size of his stake, Mr Moore said: "I have a considerable shareholding. TargusInfo's 300 or-so employees at all levels, including the receptionist will all now get a nice cheque. Their shares amounted to a double-digit percentage."
US telecoms and internet firm Neustar paid more than €507m in total for the company that Mr Moore co-founded with Jim Shaffer, a California IT and software entrepreneur.
It is thought that they each owned a stake of up to 30 per cent and would have shared just over €300m.
TA Associates, a US private equity firm, paid €43m for a stake of just under 20 per cent in 2005, suggesting that they more than doubled their money, banking about €101m last week.
The employees will share the proceeds of the remaining stake in the company: if this was 20 per cent, this would also amount to €101m.
Moore, who turns 60 this year, and also owns Belleek Pottery in Co Fermanagh and Galway Crystal, now plans to invest some of his fortune in Irish, US and UK technology startups.
"In Ireland, we have a confident, enthusiastic generation of young people who punch above their weight. For them, starting and building a business is the best education there is," he said.
Sunday Indo Business