US computer giant IBM has placed 12 million shares in educational software firm Riverdeep with institutional investors, representing around 7.2% of the company.
IBM, which acquired a 14% stake in Riverdeep when the Irish company bought IBM subsidiary Edmark, will now hold just under 7% of the company.
The shares were placed at 3.87 euros, the equivalent of $21 per American Depository Share, giving the deal a total value of 42 million euros.
Riverdeep today said 'all significant inside shareholders' - IBM, CEO Barry O'Callaghan and chairman Pat McDonagh - had signed new 12-month lock-up agreements on their holdings in the company.
Riverdeep shares closed up 33 cents at 4.48 euros in Dublin.
