Irish VC backs early stage technology company
30th of April 2009 by admin
Delta has invested €1.5m [from its €100m fund] in Branded Payment Solutions Limited – which is a MBO from Payzone of its Open Loop Gift business.
According to this disclosure – In September 2008 Payzone entered into an agreement to dispose of its Open Loop Gift business. The business was sold to Branded Payment Solutions Limited, a company controlled by Tim Murphy, the group's outgoing COO for €420,000 payable in 2010 – 2013 with a further contingent elements. The terms of the sale provide that the group commit to payment of certain expenses related to the business up to 31 January 2009.