Firm in deal to buy out 30% stake

TRALEE-BASED Stockbyte has completed the multi-million buyout of the 30% stake held in the company by ACT Venture Capital.

Stockbyte, founded by journalist Jerry Kennelly and his wife Johanna in 1996, is the fourth-biggest player in the $500m global royalty-free stock photography business.

ACT bought a 25% stake in Stockbyte in 1997 and a further 5% in 2000, bringing its total commitment to $1million, and is understood to have exited the company with a healthy profit on its investment.