Management buyout approach for tech firm

IRISH technology company Thirdforce — which specialises in electronic learning tools for company training modules and school curriculums — has confirmed receipt of a takeover approach from members of its own management team, including chief executive, Brendan O’Sullivan.

The management buyout consortium — which also includes company founder Pat McDonagh and is going under the name LearnVantage for the purposes of the deal — has indicated a proposed offer of 8c per share for the company, which made the announcement of the approach yesterday following speculation in the media at the weekend.

Thirdforce said the approach may not lead to a formal offer being made for the business, but that it will make a further announcement “if and when appropriate”.