Thursday 26 April 2018

Digitary sells 40pc stake in €15.5m deal

'A number of shareholders have sold shares to Seek subsidiary International Education Holdco, which has also had new shares allotted to it.' Stock photo: Reuters
'A number of shareholders have sold shares to Seek subsidiary International Education Holdco, which has also had new shares allotted to it.' Stock photo: Reuters
Gavin McLoughlin

Gavin McLoughlin

Australian-listed job-search business Seek has taken a 40pc stake in Digitary, an Irish software business.

The deal, which the Sunday Independent understands to be worth €15.5m, was concluded just before Christmas. A number of shareholders have sold shares to Seek subsidiary International Education Holdco, which has also had new shares allotted to it.

Digitary did not respond to a request for comment. The company has a platform designed to enable academic institutions to securely issue official documents, like transcripts, online.

This can then make it easier for other parties, such as recruiters or academic admissions offices, to verify students' credentials.

The company's website says it has clients including DCU, Cambridge and the University of Melbourne.

Seek, which has a market capitalisation of AUD$6.6bn (€4.15bn), recently reported half-year results which showed earnings before interest, tax, depreciation and amortisation of AUD$221.2m, up from AUD$170.3m the year before.

It has made a number of international investments and chief executive Andrew Bassat said these are at an earlier stage, but are seeing strong benefits from the company's investment activities.

Sunday Indo Business

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