LEADING global education software company Ellucian bought Irish tech company CampusIT in a takeover worth around €10m.
The deal sees founder and former chief executive Tony Sheridan exit the company some €7m richer, according to shareholding details in companies office accounts. Co-founder Adrienne Taylor, who will remain on at the company as commercial director, had a stake worth around €1m.
The Royal College of Surgeons of Ireland (RCSI), one of the company's earliest customers, had a circa 18 per cent stake worth around €1.8m, and an IFG trust also held a small share.
Dublin-headquartered CampusIT, which also has a base in Britain, will continue to operate under the same name but now has access to Ellucian's major markets in the US and Canada as well as Europe and Asia. For now the focus for CampusIT will be entering the lucrative North American markets. Based in Fairfax, Virginia, in the US, Ellucian is considered to be a leader in the area of third-level education software.
CampusIT was founded by Adrienne Taylor and Tony Sheridan in 2000, providing services to smaller colleges in Ireland. It grew to have a 30-strong university client base in Ireland and Britain, including NUIG and the DIT in Ireland and the University of South Wales in the UK and also expanded into other parts of Europe.
It has partnered on projects with telecoms giant BT, with Oracle and with the Department of Education's CAO.
The company started out with a team of teachers, administrators, software engineers, psychologists and marketers who saw a need for a better way for colleges to handle interactions between students and administrators.
With sales of about €5m, it employs around 50 people and provides services for around 400,000 students in Europe.
It raised €1.2m from a Davy fund in 2011 to expand.