Newbay's €100m sale was done far too soon
THE Irish Global Economic Forum heard much guff about creating sustainable, indigenous businesses but last week's sale of Irish software company NewBay for $100m (€74m) tells a somewhat different story.
NewBay is merely the latest promising Irish software company to be sold to a foreign buyer in recent years. It joins Norkom, Iona, Parthus and many other former 'great green hopes' in succumbing to the lure of filthy foreign lucre. NewBay is being sold to RIM, the Canadian mobile phone firm best known for the BlackBerry. The sale represents a huge payday for founder Paddy Holohan and his venture capital backers Balderton and Fidelity.
While we may talk the talk of developing indigenous software companies, the reality remains that most Irish software entrepreneurs will jump at the first big cheque a purchaser waves at them.
Sunday Indo Business