The Four Courts. A dispute regarding the sale of share capital of an Irish fintech company and a claim that certain shareholders are owed $16.5 million has been admitted to the Commercial Court.. Photograph: Bryan O'Brien/The Irish TimesA dispute regarding the sale of share capital of an Irish fintech company and a claim that certain shareholders are owed $16.5 million has been admitted to the Commercial Court.
Nine mostly Irish-based individual shareholders in Barracuda, along with AIB Start Up Accelerator Fund Limited Partnership, with registered offices in Saffron Walden, Essex, England, claim a mechanism in the agreement was triggered when Dublin-located software provider ION Trading Technologies Ltd acquired a controlling stake of about 85 per cent in Broadway Technology Holdings LLC in February 2020 and there was a subsequent divestment of BTH’s Greyspan service.
The plaintiffs say they had entered into a share purchase agreement in March 2019 with BBH, Broadway Technology LLC and their then holding company BTH. Under the agreement, they say, they agreed to sell the entire issued Barracuda share capital to BBH and BTH. The plaintiffs say the agreement set out various stipulations about the manner and timing of the purchase of certain shares.
ION has been joined to the proceedings due to it having purported to deliver a put and call option statement under the agreement, the plaintiffs say. While BT has asserted that ION has assumed responsibilities of the BBH, as the buyer, BTH and BT, as the guarantor, the plaintiffs continue to assert that the burden of the agreement could not be and was not validly assigned to ION.
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