Irish stock photography agency Stockbyte has bought out the 30% share owned by its venture capital partner ACT. ACT bought a 25% stake in Stockbyte in 1997 and a further 5% in 2000.
The firm's competitors include Getty Images which has a $2.37 billion market capitalisation and Corbis, owned by Bill Gates. Stockbyte is Kerry based, and employs 35 in Tralee.
Stockbyte founder and chief executive Jerry Kennelly said the transaction marks a new phase in the company's development.
He said: 'ACT's involvement helped us to get on our feet. Our management is confident of their ability to consolidate their position and match or beat the leaders creatively, technologically and commercially.'
The royalty free stock photography industry is valued at $500 million globally.
Stockbyte was chosen as the winner of the DHL Exporter of the Year Award earlier this year and has been included in Deloitte Technology Irish Fast 50 in 2002 and both the Irish Fast 50 and European Fast 500 in 2003. Stockbyte's Kennelly has been a finalist in the Ernst & Young Entrepreneur of the Year Awards.
