The Dublin-based online payments firm Realex Payments has been sold for €115m to a US rival, Global Payments.
The Irish company, which employs 170 people in Dublin, London and Paris, was set up and run by businessman Colm Lyon, pictured. Mr Lyon, who owns a majority stake in the business, will stay on as chief executive of the Silicon Docks- based firm. Realex will continue to trade as normal, he said.
"Going forward, the company will be at the heart of ecommerce for a Fortune 1000 company that services over 1.5 million merchants," said Mr Lyon,
"For Realex Payments' existing 12,500 merchants, this deal means they can avail of Global Payments unmatched international presence, entering new markets and driving their global ecommerce business like never before.
"For Realex Payments' staff, the diversity of opportunity that comes with the deal is enormous. Global Payments conducts business in 28 countries with 4,200 employees across the globe."
Realex Payments is one of Europe's largest and fastest growing online payment companies, processing over €28bn per annum on behalf of 12,500 clients, who include Aer Lingus, Parry Power and Vodafone.
"Realex Payments represents a strategic investment to expand our international omni-channel technology offerings, enhancing our go-to-market strategy in one of our largest regions with industry leading value-added products and services," said Global Payments' chief executive, Jeff Sloan. "We are excited to further invest in our European businesses, continue to leverage our multinational footprint and accelerate our growth opportunities at a favourable time in Europe."
Mr Lyon started Realex in 2000 with co-founder John Mooney. The company earned €2.1m in pre-tax profits last year on €18.1m in sales. Realex's chairman is Laurence Crowley, a former governor of Bank of Ireland who also sits on the board of Aer Lingus and the ESRI. Headquartered in Atlanta, Georgia, Global Payments is a Fortune 1000 Company with merchants and partners in 28 countries throughout North America, Europe, the Asia-Pacific region and Brazil.