PE firm buys 40pc of Global Shares
Motive Partners, a US fintech private equity firm, has taken a 40pc stake in Global Shares.
It is understood that Motive paid $25m (€21.3m) for the stake in the Clonakilty-based financial services company.
Founded in 2005, Global Shares is experiencing rapid growth - with revenue having increased by 60pc over the previous year.
The chairman of Global Shares, Richard Hayes, previously led an investment group that took a significant interest in the Cork firm.
Mr Hayes said the latest investment will enable Global Shares to accelerate its long-term ambitions.
"The announcement is a resounding endorsement of the hard work of our team, and it shows that a growth firm from west Cork is capable of competing in the provision of innovative financial services solutions on a global scale," he said.
It works with about 250 firms, including well-known public and private companies such as UniCredit, Sage, Experian, Skanska, GSK Ireland, Generali, Irish Life and PM Group.
Earlier this year Motive secured a €25m cash injection from the Ireland Strategic Investment Fund, and is working closely with them to identify further fintech investment opportunities.
Motive's advisory board includes former US Treasury Secretary Larry Summers and former HSBC chairman Douglas Flint.
Winner of the Deloitte 'FinTech Company of the Year' Award 2017, Global Shares has developed software used by companies to manage their employee equity plans.