Vallent founder makes millions from IBM sale

Cork businessman Kieran Moynihan is set for a multi-million-euro payout from the sale of Vallent, a US-Irish technology firm, to IBM for $200 million.

30th September, 2006

Cork businessman Kieran Moynihan is set for a multi-million-euro payout from the sale of Vallent, a US-Irish technology firm, to IBM for $200 million. Moynihan is a cofounder of Comnitel Technologies, a Cork telecoms software firm which merged with two US firms to form Vallent.

He is now chief technical officer of Vallent, which has 450 staff worldwide and annual sales of about $60 million.

Industry sources said that a takeover of Vallent by IBM was almost complete....

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