A west Cork-based technology company is planning a US expansion after paying more than €10 million for an Israeli business.
Spearline, which is headquartered in Skibbereen and helps call centres to monitor their network and call quality, has bought testRTC, which is based just outside Tel Aviv. The Israeli company sells technology to help companies to test communications networks.
The Cork company employs 120 staff and following the testRTC acquisition it says it will hire 18 more, as well as taking on three of the founders of the Israeli company. In addition to its Cork base, Spearline has an office in Waterford and also operates abroad from India and Romania. It says it plans to open an office in California next year.
Eight figures
Spearline declined to be more specific on the price it paid for testRTC, confirming only that it was an "eight figure" deal. The operating company, founded in west Cork 2003 by Kevin Buckley and Matthew Lawlor, made a profit last year of more than €3 million and had net assets at the end of 2020 of €6.4 million. It had no bank debt at that time.
Accounts for its parent entity suggest it paid more than €1.1 million in dividends last year to its owners, who include Mr Buckley, Mr Lawlor, members of their families and a few senior staff.
Mr Buckley, the chief executive, said the acquisition is a “huge step towards the next chapter” for the expansion of the business.
