Dublin software company eSpatial said last night that it has settled a multi-million High Court action against a founder who left the company three years ago.
Swords-based eSpatial, which makes geographic information system (GIS) software based on the Oracle 10g database platform for businesses and government departments in Ireland overseas, brought legal action against Liam McGeown, a founder of the company.
McGeown is chief executive of a Palo Alto-headquartered company called Acquis that is also focused on the geospatial technology market and focuses particularly on the web-enabled spatial data platform market.
In a statement eSpatial said it has settled a High Court action against McGeown and Acquis over an alleged breach of an agreement between eSpatial and Acquis.
eSpatial said: “Liam McGeown and Acquis acknowledge that they have breached the restrictive covenants contained in an agreement between eSpatial and Liam McGeown, dated 17 July 2003, and in consideration thereof have agreed to make a payment to eSpatial in full and final settlement of its claim in the proceedings, inclusive of costs.”
It is understood that McGeown will pay eSpatial €350,000 as part of the settlement. In the proceedings eSpatial was originally seeking an €8m settlement from McGeown and Acquis.
By John Kennedy
