Blueface, Ireland’s leading internet telephony provider today announced that circa thirty percent of the share capital of the business has been acquired in a private equity backed management buy-in through an investment vehicle, VentureWave. The value of the purchased equity stake is estimated at €2.7 million.
VentureWave was established by Blueface Chief Executive, Alan Foy, for the purpose of the Management Buy-In. Other participants in VentureWave are Blueface Directors Catrina Sheridan and Brendan Gaffney; and Blueface advisory Board Member, Edward Guinness, the Earl of Iveagh, who is a significant investor in Venturewave. Lord Iveagh has also joined the Board of VentureWave.
“I am pleased to have been invited to serve on the board of VentureWave and to confirm my support for Blueface,” said Lord Iveagh. “I look forward to assisting the dynamic new management team in the next phase of development of Blueface in terms of market development and rapid scaling in the SME telecoms market.”
“I am delighted with this opportunity to engage with young, ambitious Irish entrepreneurs and future success stories such as Blueface,” he said.
“We are very pleased with the support shown by Edward Guinness for the business. He brings a great deal of knowledge and entrepreneurial expertise which will be of great benefit to the company,” said Alan Foy, Chief Executive of Blueface and Chairman of VentureWave.
Blueface recently offered SME’s throughout Ireland the opportunity to reduce their business costs with a recession-busting phone service for just €9.99 per month (ex-vat), covering unlimited UK and Ireland land-line calls. The company also launched an innovative new iPhone application called “Banter” which allows customers to receive fixed line calls on their mobile phone and make very low cost international calls. It is a game changer in the telecoms landscape.
SME’s can also take advantage of other recession-busting add-ons such as 15c per minute anytime mobile calls or avail of amazing international call rates which are over 50% cheaper than other telecoms providers. Free add on services are also provided, such as fax-to-email, follow-me functionality and voicemail-to-email. It’s the perfect package for the entrepreneurial business.
Blueface’s current SME customers include some of the most successful Irish enterprises, such as Daft.ie, Champion Sports, Jackie Brown Medical, the National Roads Authority and Micksgarage.ie
Blueface
Tags: Guinness, investment, VentureWave