Entrepreneur Terry Clune wins Deal of the Year at Irish Times Business Awards

Technology entrepreneur Terry Clune and his CluneTech group have won Deal of the Year at the sixth annual Irish Times Business Awards, run in association with Bank of Ireland.

Accepting the award, Terry Clune said it is a “phenomenal pride” for him, as he represents an “extraordinary team of people”.

“It’s a really, really extraordinary talent that backed me up and I’m very, very proud to be able to accept this award on behalf of them,” he said.

In June, it emerged that Mr Clune was in line for a big pay-day after his CluneTech group, based in Kilkenny, agreed to sell payroll software developer Immedis to US multinational UKG in a deal worth €575 million.

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That price tag valued Mr Clune’s holding, at about €345 million. The businessman owned more than 60 per cent of Immedis through CluneTech and shares that he held himself in the business he founded just eight years ago.

[ Irish tech entrepreneur earns €350m pay-day as US group UKG buys Immedis in €575m deal ]

The company’s 374 workers and the State-owned Irish Strategic Investment Fund (ISIF) are among the deal’s other beneficiaries.

As a result of the deal, Mr Clune was chosen as The Irish Times Business Person of the Month for June 2023.

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Mr Clune established Immedis in response to a growing need from businesses with operations in multiple countries, making it increasingly difficult to manage payrolls across their different jurisdictions. Clients include pharmaceutical giant Abbvie, Harvard University in the US, and ride- and taxi-hailing service Uber.

[ Former Glanbia chief Siobhán Talbot receives Distinguished Leader in Business award from The Irish Times ]

[ Barry Napier of Cubic Telecom wins Irish Times Business Person of the Year ]

In the Republic, Immedis numbers ESB International and Dornan Engineering, both of which operate in multiple countries, among its customers. Its systems manage payroll for customers in multiple industries operating in 150 countries and 120 different currencies.

This deal was one of four shortlisted for the category at the awards ceremony, which was held in the Round Room of the Mansion House in Dublin.