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Last Updated: Thursday, 27 March 2008, 10:41 GMT
Teenagers become web millionaires
(L-R) John and Patrick Collison
The Collison brothers sold their company for 3m euro
Two teenage brothers from Limerick have become millionaires after selling their fledgling software company.

Patrick Collison, 19, and his 17-year-old brother, John, set up the company last year.

Auctomatic, which provides software for eBay users, is being sold to Canadian firm Live Current Media for more than 3m euro.

Patrick Collison said they relocated the company to the USA after failing to secure funding from Invest Ireland.

The brothers relocated their company to Silicon Valley in California last summer after getting support from investment firm, Y Combinator.

"It was difficult for us to raise money in Ireland," Mr Collision said.

"It was not just finding the money, it was also a matter of the help investors can provide for you.

"We certainly found it must easier to get in the US than in Ireland, so we ultimately made the decision to move the company out there.

He will now travel to Vancouver in May, where he will take up a position as director of engineering at Live Current Media.

His brother will finish his Leaving Cert, but plans to spend the summer working for the company.



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