Iontas

It’s not all doom and gloom out there – and certainly not for a group of entrepreneurs who have just sold their Letterkenny-based technology start-up for $20m.

Iontas, a firm specialising in business process systems, has been sold to US company Vermint Systems, according to The Sunday Business Post. The deal comprises a cash payment of $14.8m and the remainder in earn-outs for the key personnel in the company over the next two years.

The Iontas founders and management will net more than €6m for the 30% stake they retain in the company. They include chairman and chief executive Joe Stockton and chief technical officer Martin McCreesh.