Tito, an Irish online ticketing technology company founded by Paul Campbell and David "Doc" Parsons, has surpassed the $100 million (€89 million) milestone in ticket sales.

Mr Campbell said the Dublin-based start-up, which is taking on ticketing giants such as Ticketmaster and Eventbrite, was now processing transactions worth almost $200,000 per day.

He said the company issued 270,000 tickets last year for events such as the Web Summit and the World Business Forum, which featured keynote speaker Richard Branson. It processed almost $50 million worth of tickets last year alone.

Incorporated

The start-up, which was founded in 2012, was only formally incorporated last year. It currently employs six staff and has been entirely bootstrapped or self-financed.

Last year Web Summit founder Paddy Cosgrave claimed he had built the Tito ticketing app, but later apologised for taking credit for the product.

Cosgrave took to the Web Summit blog to issue the apology, saying: “I claimed credit for the work of Paul, Doc, their team and Andy Baio & Andy McMillan and their team. For this, I apologise . . . I owe Paul and his team more than one apology, having taking credit on a handful of occasions for an awesome product that is of their making.”

Campbell said: “Whilst it has been frustrating to have credit taken for something I’ve worked harder on than anything else I’ve ever done, it’s a relief to finally clear the air over this and to keep the head down and make Tito the very best software we can build, for all our customers.”