Galway messaging and communications services provider Yac has been acquired by Nasdaq-quoted J2 Global Communications for an undisclosed sum. J2 Global said the financial impact of the all-cash deal was "immaterial".
Yac provides a range of communications services, including converting fax messages to e-mail; audio and web conferencing; and unified communications whereby a single number can be provided for all telephone calls, faxes and voicemails.
The company employs 11 people and its customers are primarily businesses in Britain.
Scott Turicchi, co-president of J2 Global, said all Yac staff would be retained. Yac will be integrated with J2 Global Ireland, which was founded in 2004 and employs 30 people.
Mr Turicchi said Yac would bring additional customers, staff, as well as some new features and functionality for its own suite of messaging and communications services.
J2 Global had revenues of $181 million (€130.94 million) in 2006 and is guiding revenues of $217-229 million this year.
Accounts filed with the Companies Office show that Yac had a pretax operating profit of €22,107 in 2005 compared to a loss of €144,850 in 2004. Those accounts show that US venture capital firm Zouk Ventures controlled 86 per cent of the voting rights in the firm through its British-based European E-Commerce Fund and is likely to be the main beneficiary of the deal.
During 2005, European E-Commerce Fund also increased the working capital facility it provided to Yac to €1.27 million of which €950,000 was drawn down by year end.
Enterprise Ireland and a number of Galway-based business men are also shareholders. The State development agency was not able to say yesterday if it would benefit from the deal.
