The co-founder of Trintech, Mr John McGuire, has disposed of a 13 per cent stake in the Irish technology firm in a deal that may have netted him $10 million (€7.8 million).

The disposal of shares was disclosed to the Securities and Exchange Commission (SEC) in a filing in January but has not yet been noted by the company's Irish broker, Davy Stockbrokers.

Trintech's chief financial officer, Mr Paul Byrne, said yesterday the firm was aware of Mr McGuire's disposal of shares but did not know who now owned the 14 per cent stake in the firm. "We have not had any contact with John about the shares and there isn't the same paper trail to follow in the US as there is in Ireland on a register to find out a new owner," said Mr Byrne.

Mr John McGuire, the principal technical brains behind Trintech, stepped down from the company's board in mid-2002 and has since moved to the US.

At the time, his brother, Mr Cyril McGuire, became Trintech chairman and chief executive, in a move interpreted by analysts as a change in direction to a more conservative strategic approach.

Industry sources expressed surprise last night that Trintech did not have more information on such a large share transaction, particularly when it involved a family member who was previously on the board of directors.

According to the SEC filing, Mr John McGuire's holding in Trintech has fallen from 2.3 million shares to 284,453 shares. Prior to the disposal of the shares he held a 15.2 per cent stake in the firm; his stake now stands at 1.8 per cent.

Ms Bríd White, an analyst with Merrion Stockbrokers, said if the shares were sold to a number of investors it could increase the liquidity of Trintech's stock. It could also increase the likelihood of a future takeover by reducing the family holding below 30 per cent for the first time.

It is also possible that Mr John McGuire has donated the two million shares to charity or put them into a trust, although this may not become clear until Trintech files its annual return before June.

At the height of the dotcom boom in 1999, the two Trintech founders, Cyril and John McGuire, were among Ireland's wealthiest paper millionaires, holding stock worth a $1.3 billion.

But when the internet bubble burst the firm underwent a huge restructuring and its share price slumped dramatically. Its market capitalisation is now $85 million.