STAFFING LEVELS and the management team at the Irish base of technology company Trintech are expected to stay largely unchanged following its sale to US firm Spectrum, according to the the company’s founder.
After an extraordinary general meeting in Dublin yesterday, at which shareholders approved the sale, Cyril McGuire said he believed it would be “business as usual” at the company following Spectrum’s acquisition of the business, which is expected to be finalised by the end of the year.
While it was believed that Mr McGuire would remain with the company during the transition phase, he said he intended to pursue a number of projects in the technological field.
Last month, the Nasdaq-quoted Irish financial software firm announced it was to be bought by Spectrum for $129.4 million (€93 million).
Following the approval of the sale by shareholders, the High Court will set a date for a hearing. If the High Court sanctions the scheme of arrangement, the sale will be completed before next year.
Under the deal, shareholders will receive $6.60 per American depository share (ADS), equating to €3.30 a share.
Mr McGuire will net an estimated $27 million through the sale.
At the egm yesterday, Mr McGuire said the $6.60 per ADS offer was an excellent price for the company, representing a 61 per cent premium to its average closing share price over the last year.
The sale of Trintech’s healthcare division last year had resulted in the company becoming more focused on its core business of financial software and, since then, the company had attracted a number of offers, he said.
Trintech, which employs about 170 people at its Irish base in Leopardstown in Dublin, was founded in the 1990s by Mr McGuire and his brother John.
While it initially focused on electronics payments, since 2000 the company has concentrated on providing financial software in the areas of governance, risk and compliance.
In September 1999, Trintech was floated on the Nasdaq in New York and the German Neuer Markt. Although it maintains its Dublin headquarters, it is largely run out of Dallas, Texas.
Trintech posted revenues of $32.5 million for the year ended January 31st, 2010, and pretax profits of $2.7 million.
Boston-based Spectrum Equity Investors has $4 billion in assets under administration.
