Irish satellite broadband firm sells user base
Onwave, the Irish satellite broadband provider that raised over €4m in funding four years ago, has sold its entire customer base to a UK firm for just €900,000.
The buyer, AIM-listed Satellite Solutions, intends to grow the service in Ireland and abroad.
Onwave is owned by Alan Phelan, UK-based Jeanne McKeague, and a UK company understood to be controlled by Onwave director Sean McKeague.
They all hold their shares in Mullingar-based Onwave through a firm called Nucleus Ventures.
In 2011, Nucleus invested €4.1m in Onwave, which was previously known as Satellite Broadband Ireland. It planned to create 30 jobs across functions including R&D, project management and sales and to open a UK office in order to underpin pan-European expansion. Onwave, which has 2,300 residential and business customers, was founded in 2008 by Kevin Ryan and Sean Og Brennan.
Satellite Solutions is buying Onwave's customer base and related assets.