The Lucey Fund, an Irish tech investor, has bought out the cyber-security firm PixAlert in a deal valuing the business at €2.4m, The Times has reported.
The angel investor, run by Ian Lucey, had previously invested €1m in the Dublin-based business and held a minority stake. Lucey said the fund planned to inject a further €1m into the data risk discovery company.
Founded in 1999 by university lecturers Donal O’Shea and Dara Fitzgerald, PixAlert originally designed software that focused on finding and blocking illicit images, such as pornography.
Since then it has expanded into cyber-security software and its products allow businesses to audit systems to detect and manage any inappropriate images and data on a network.
The company’s clients include Deloitte, KPMG, EY and the Irish Court Services.