Monday 21 January 2019

Irish start-up sells for €63m


Waterford-based mobile software company FeedHenry has been bought for €63.5m in cash by Red Hat, a US multinational software firm.

The company, which develops mobile internet technology that allows big companies to create spe- cialist mobile applications, was founded by Waterford-based serial startup entrepreneur Barry Downes. It now has 70 people in Waterford, the UK and the US.

The deal will see a number of shareholders benefit, including chief executive Cathal McGloin (above) and other management in the firm. Employees are also set to benefit, as will minor shareholders Enterprise Ireland and the Waterford Institute of Technology.

FeedHenry will remain in Waterford, chief executive Cathal McGloin said.

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