McCullagh Wall recently advised the founders on the sale of Blink Innovation to CPPGroup Plc. Blink Innovation, a digital assistance insurance business that develops products for the travel market, is based in Cork and is set to launch the world’s first real time resolution flight interruption insurance.
The deal consisted of an initial consideration of €1m and an earn-out based on future products developed by Blink. The initial sum was paid on completion with a total maximum earn-out based on up to 20% of defined profits generated up to a maximum of €20m in profits over the next five years.
A link to the announcement by CPPGroup is included below: