Pat McDonagh, chairman of e-learning group Thirdforce has bought a 25% stake in the group, which he wants to take over.
Pat McDonagh and Thirdforce CEO Brendan Sullivan launched an offer for the company at eight cent a share earlier this week.
They also offered investors an alternative of one share in their special purpose vehicle, LearnVantage, for one Thirdforce share.
Thirdforce is McDonagh's third e-learning venture. He founded CBT Group, now known as Skillsoft in 1983. It floated on the Nasdaq on Wall Street in 1995. He later founded Riverdeep, which was floated on the Nasdaq in March 2000.
Thirdforce shares closed over 21% higher to stand at 8.5 cent in Dublin this evening.