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JPMorgan in talks to acquire Clonakilty fintech Golden Shares

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Clonakilty-based fintech firm Global Shares is reportedly in advanced talks to be acquired by banking giant JP Morgan.

His company specializes in employee equity and equity ownership processes.

It employs more than 550 current employees and says it expects to grow to 1,000 in the next two years.

The company is not available to comment on the acquisition talks, which were reported by Currency and Business Posts.

Global Shares develops software and technology that make it easier to set up and run employee capital plans.

Employee equity ownership is common in US tech companies, including those with offices in Ireland. It is rarer in European companies.

Advocates say it makes employees more committed to their roles in the company, as well as thinking about the company’s long-term success.

Global Shares’ clients include giants such as L’Oreal, GSK, Generalli, Cargill and Krispy Kreme.

The company was founded in 2005 and now has 16 offices, from Nashville and New Jersey in the US, Barcelona and Porto in Europe, to Tokyo, Hong Kong and Beijing in Asia.

It has raised more than 27 million euros in private equity, most of which came in 2018 through 40pc of shares held by New York-based technology investment firm Motive Partners.

Fexco founder Brian McCarthy, Blarney Castle owner Charles Colthurst and KPMG partner Eoghan Quigley are also among those who have invested, as are former chairman Richard Hays.

The company’s longtime CEO is Tim Houstoun, while the current president is Andy Stewart.

The news comes after the number of Irish tech unicorns – private companies valued at more than 1 billion euros – increased from four to six in January. Wayflyer (€134 million) and delivery technology company Flipdish (€87 million) have both signed the next major funding deals as the world’s financiers continue to ramp up investments in technology companies. and biotechnology as an alternative to low-yield financial portfolios due to low interest rates.

Last year, €1.3 billion was raised by Irish technology and life sciences companies, a record figure amid a global venture capital finance boom.

https://www.independent.ie/business/technology/news/jpmorgan-in-talks-to-buy-clonakilty-fintech-golden-shares-41437865.html JPMorgan in talks to acquire Clonakilty fintech Golden Shares

Fry Electronics Team

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