IRISH BUSINESS-to-business internet firm MLNet has been bought by its management team, separating it from UK business Metronet.

The buyout, led by chief executive John Earley, valued the internet and cloud services specialist at €18 million.

MLNet was set up in 2008 to replicate the success of Metronet in the UK. It has more than 50 corporate customers in Dublin and Cork.

“MLNet was non-core to Metronet, which is undergoing an aggressive expansion plan in England, Scotland and Wales,” said Mr Earley.

“MLNet is being set free to exploit opportunities throughout the island of Ireland and I am predicting exponential growth for the business now that it has carved out an important niche market for itself.”

MLNet is now planning a “progressive” expansion strategy, which will see it recruit for its local technical operations and support team.

Despite the buyout, MLNet and Metronet will continue to partner to support customers in both Britain and Ireland.