AN Irish technology company has been sold in a deal worth up to €50m.
Dublin-based cloud software and security company Vordel yesterday agreed terms to sell itself to the French business Axway in an all-cash deal.
Terms of the sale weren't released but it is believed Axway paid between €40m and €50m for Vordel.
The deal is expected to be confirmed in the next two to three weeks once Axway has completed talks with its employee council -- a standard company procedure when it does a deal.
The sale is a big pay day for a number of Vordel's investors, led by chairman Paul Frew. Dublin-based venture capital firm Powerscourt Capital Partners had also invested in the firm, while staff own around 30pc of the company.
Company chief executive Victor Morris said he was "delighted" to have concluded the deal, and said it was the right one for the company's staff.
"All the indications are that the business in Dublin will continue as it is and there may be room for expansion as well.
"There is a natural synergy between the two companies, and our respective customers will benefit enormously from this combination of technologies," he added.
Axway chief executive Christophe Fabre commented: "The breadth of the combined Axway-Vordel platform will now provide companies with a single consolidated approach to their application and data integration needs across on-premise and cloud environments."
Vordel was set up in 1999 by Mark O'Neill and Derek O'Carroll, who made his name with Baltimore Technologies in the mid-1990s.
It employs around 30 people in Dublin and another 10 in the US.