Dublin company in €15m buyout deal

DUBLIN software company Vistatec has been taken over in a management buyout deal worth around €15 million.

The company, which employs 120 people customises software packages to suit the language requirements and tastes of local markets. Its clients include leading international names such as Kodak, Computer Associates, Cisco Systems and Hewlett Packard, with around 50% of revenues coming from the American market.

Company founder Mervyn Dyke, who held a majority shareholding since setting up the Kilmainham-based company in 1997, will stay with the business as a consultant. Former finance director Thomas Murray, who headed the management buyout approach replaces him as chief executive.