Three entrepreneurs who set up the Client Solutions e-business solutions and service provider six years ago are the latest Irish dot.com millionaires after their company was bought by Horizon Technology for a total of £10 million (€12.7 million).
Client Solutions was set up in 1994 by Mr Shemas Eivers, Mr Teddy McCarthy and Mr Gerard Murphy and provides e-business services to international customers in the pharmaceutical, financial services and telecommunications sectors.
Its customers include Elan, Pepsi Cola, Siemens, Ericsson, Ulster Bank, Bank of Ireland, Janssen Pharmaceuticals, VHI, Eircell and SmithKline Beecham.
Mr Eivers and Mr McCarthy each own 45 per cent of Client Solutions and will receive £4.5 million each in up-front cash payments and earn-outs over the next three years. Mr Murphy owns 10 per cent and will receive £1 million. A total of £4 million is being paid up-front, with £6 million being paid by Horizon in earn-outs over the next three years if certain targets are achieved.
Horizon chief executive, Mr Samir Naji, said: "Our strategy is to deepen our skill base and solutions portfolio within the Internet services market." He added: "Client Solutions have world-class Java and HTML development capabilities, a tremendous reputation with customers and an excellent track record in developing enterprise-level e-business solutions."
