Pointy’s $160m sale means $80m-plus payday for founders
Co-founders of retail tech innovator to share $80m and Jamie Heaslip also set to gain
Pointy co-founders Mark Cummins and Charles Bibby: established the company in 2014 and will share $80 million-plus for their 51 per cent stake in the business.
Former Ireland rugby star Jamie Heaslip will also see a sparkling return on his investment in the business – one of several tech investments Mr Heaslip has made since retiring from sport.
Mr Heaslip, who had a 0.21 per cent interest in the retail technology business will receive $336,000 – many times the sum he originally invested.
Pointy helps small retailers get their merchandise in front of online audiences without having to invest in the sort of systems that the likes of Amazon and Walmart use to attract business.
Local vs online
The $750 kit is attached to the retailer’s barcode scanner and products are uploaded to the Pointy app as they are scanned, allowing people to find what they are looking for locally rather than forcing them to order online.
Mr Cummins holds 26.3 per cent of the business and will receive just over $42 million. Mr Bibby, who holds his 24.8 per cent stake through a company in which his wife is also a shareholder, will get $39.7 million.
Pointy is Google’s fourth acquisition in Ireland over the past decade.
It is Mr Cummins’ second Google payday. The US tech giant acquired a previous start-up, Plink, back in 2010 in what was its first deal in Britain or Ireland.