Irish-founded Deposify sold to US private equity firm

‘Escrow as a service’ platform established in 2014

Deposify founders Jon Bayle and Dave Brennan

Deposify, the Irish founded but US-focused "escrow as a service" platform has been sold to a US private equity company, its chief executive said in a Tweet.

Jon Bayle, who co-founded Deposify in 2014, said he was "delighted" with the deal, which would allow the business to build out a banking services offering for real estate in the US.

The Deposify platform allows landlords and tenants to manage and control how and when rental deposits are paid and resolve deposit-related disputes quickly.

Mr Bayle paid tribute to his co-founders Mr Brennan and Tony Kelly. He also said he was pleased for the company's investors, including Delta Partners and said Enterprise Ireland had been "a great help".

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He said he hoped he had learned from the “many mistakes made”, observing that “some days it felt like drowning, other days it felt like the sun would never stop shining”.