Collison brothers acquire US tech startup

John and Patrick Collison

A MULTI-BILLION dollar tech company founded by two Limerick-educated men has announced their first acquisition in over 16 months.

Stripe, founded by John and Patrick Collison, has snapped up US startup Okay, a low-code analytics software company.

The Collison brothers are from Dromineer, County Tipperary, but completed their secondary school education at Castletroy College, before moving to Silicon Valley having founded Stripe.

Okay was founded three years ago by Antoine Boulanger and Tomas Barreto, who said in a statement on their website that they are “excited” about the acquisition.

“Stripe will leverage Okay’s technology and expertise to continue building a world-class developer experience for their engineering team,” the Okay co-founders said in their statement.

Sign up for the weekly Limerick Post newsletter

It is understood that Stripe bought Okay for an undisclosed sum.

This is the Collison brothers’ first company takeover since before the tech industry began to slow down, having previously  backed companies such as Dublin-based Touchtech Payments, Paystack, and Monzo.

In a statement, the Okay team said: “We are immensely grateful to our customers, employees, and investors. Thanks for believing in us and helping us advance the state of engineering effectiveness.”

Stripe builds software that helps businesses process payments online and across boarders. It was founded in 2010.

Since then, the company has processed billions of euro in payments, announcing in April that they had processed €746 billion in 2022, marking a 26 per cent increase on the previous year.