Stockbyte, the Kerry-based stock photography company, has bought the 30 per cent stake held by venture capital partner ACT Venture Capital for an undisclosed sum.
ACT paid $1 million for a 25 per cent stake in Stockbyte in 1997 and took a further 5 per cent for an undisclosed amount in 2000.
Yesterday’s deal marks a new phase in the development of Stockbyte, said founder and chief executive Mr Jerry Kennelly. The firm, which employs 35 in Tralee, specialises in the distribution of digital stock photography in themed collections through its website and an international distributor network. It was named DHL Exporter of the Year earlier this year.
Mr Kennelly said: “ACT’s involvement helped us to get on our feet.”
The royalty-free stock photography industry is worth $500 million annually.
