Kevin Thompstone, chief executive, Shannon Development, described the announcement yesterday (6th April 2006) of the sale of Stockbyte, the stock photography company based in the Kerry Technology Park in Tralee, as a positive endorsement for the Kerry Technology Park business strategy.
“The sale of Stockbyte for $135 million to Getty Images, the world’s leading creator and distributor of visual content, is a personal triumph for Stockbyte founder and CEO, Jerry Kennelly, and a powerful endorsement of the business incubation process, and the state of the art facilities, which have been developed by Shannon Development at Kerry Technology Park” said Mr Thompstone.
“We invested in Kerry Technology Park in the strong belief that startup innovative Irish businesses could be globally competitive from a regional location. The success of Stockbyte, and of other Park based companies, has shown this to be true” said Mr Thompstone.
“The Stockbyte sale will, unfortunately, impact on the company’s employees; however, I am confident that they will find alternative employment. Shannon Development will work with Stockbyte CEO, Jerry Kennelly, and with Stockbyte management and staff, to assist these highly talented and skilled people to explore alternative employment and business options” said Mr Thompstone.
Speaking after his Company’s announcement, Jerry Kennelly said that he hoped that the Stockbyte experience would act as a spur to the growing community of entrepreneurs in Kerry Technology Park and throughout the region. “We have proven beyond doubt that it is possible to build and operate a global business from Tralee. Ireland has so many advantages as a business location – we are English speaking, we are ideally situated between continental Europe and the US, and we have a very attractive corporate tax rate. Add to that the charm and beauty of Kerry and hassle-free business environment of a town like Tralee and you have a truly unrivalled location for business” said Mr Kennelly.
“Kerry Technology Park has been very successful in attracting and growing high quality Irish companies, and the sale or takeover of some of its most successful companies was always envisaged as a possible outcome of Shannon Development’s business incubation processes, which involve growing innovative start-up enterprises from modest beginnings to the stage where they can compete strongly in the global market place from their base in Tralee” concluded Mr Thompstone.
Shannon Development invested over €10 million in developing the Park, in conjunction with the Institute of Technology Tralee. The Park is home to a growing number of internationally recognised technology and knowledge based businesses, with 17 companies employing up to 220 people. Kerry Technology Park based companies generated sales of €35 million, of which over 90% were export sales, and paid total salaries of over €8 million in 2005.
Nandi O’Sullivan
Public Relations Manager
Tel: +353 61 710259
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