Majority shareholder Asendia has taken full ownership of the Dublin based ecommerce platform, eShopWorld, by acquiring the just under 50% of the company that it didn't already own.

The value of the deal has not been disclosed, but eShopWorld had an annual turnover of €1bn last year and the transaction is thought to value the company at around the same amount.

A joint venture between France’s La Poste Group and Swiss Post, Asendia first bought a 40% stake in the company in 2013, increasing it to just over 50% four years later.

Founded in 2010 by Tommy Kelly, eShopWorld currently employs more than 500 staff having increased its headcount by 160 last year.

With the new investment the company will now enter an accelerated phase of expansion driven in part by the mass movement to online shopping caused by the Covid-19 pandemic.

The business will continue to be led by Mr Kelly and other local management and will also remain as a standalone entity.

"This is a significant endorsement of ESW growth, sustainability and success in embracing the structural shift in favour of online shopping," he said.

"The recently concluded transaction marks a deepening commitment by Asendia who have been a highly supportive partner and provider of complementary e-commerce services."

Working with premium brands such as Nike and L.K. Bennett, the company provides an end to end ecommerce platform to help brands roll out across multiple countries.

Currently eShopWorld operates in 200 different markets around the world.

It is understood that Mr Kelly will be the main beneficiary of the sale of the remaining stake, but staff also owned some of the business.

"ESW are experts in making it easy for global brands to have a local presence," said Marc Pontet, CEO of Asendia.

"Additionally, its focus on making e-commerce frictionless, regardless of location, made it a coherent, strategic choice to make ESW part of the Asendia family."

"The move dovetails with our overarching aim to make worldwide e-commerce simple and reliable, and is a significant step in making this vision a reality."