In a deal valued at €2.7m, around 30pc of the share capital of Irish internet telephony provider Blueface has been acquired in a private equity-backed management buy-in through an investment vehicle, VentureWave.
Blueface chief executive Alan Foy established VentureWave for the purpose of the management buy-in. Other participants in VentureWave are Blueface directors Catrina Sheridan and Brendan Gaffney; and Blueface advisory board member, Edward Guinness, the Earl of Iveagh, who is a significant investor in VentureWave. Lord Iveagh has also joined the Board of VentureWave.
“I look forward to assisting the dynamic new management team in the next phase of development of Blueface in terms of market development and rapid scaling in the SME telecoms market,” said Lord Iveagh.
Foy said Lord Iveagh brings a “great deal of knowledge and entrepreneurial expertise which will be of great benefit to the company”.
Blueface recently launched a phone service for SMEs for €9.99 per month (ex-VAT), covering unlimited UK and Ireland land-line calls, as well as a new iPhone application called “Banter” which allows customers to receive fixed-line calls on their mobile phones and make low-cost international calls.
Its SME customers include Daft.ie, Champion Sports, Jackie Brown Medical, the National Roads Authority and Micksgarage.ie