Finance
Houstoun netted a huge windfall after JP Morgan’s $730m acquisition of Global Shares which is now called JP Morgan Workplace Solutions
JP Morgan Workplace Solutions is an employee equity management platform. Photo: Getty
‘Tim’s vision and commitment have shaped our organisation,’ said Vince La Padula, CEO of JP Morgan Workplace Solutions. Photo: Getty
Jamie Dimon CEO JP Morgan Chase. Photo: Getty
Tim Houstoun, the former boss of Global Shares who helped turn the Clonakilty start-up into a global financial technology player bought for $730m, has left his director role and plans to invest in more Irish companies.
Houstoun netted a huge windfall in the aftermath of JP Morgan’s $730m acquisition of Global Shares, as did many Co Cork-based staff of the employee equity management platform.
Based on ownership records for September 2021, The Currency reported Houstoun and his wife, Maire, secured a multi-million euro payday, with the Global Sales’ acquisition netting 58 investors over €1m.
Houston told the Sunday Independent he was retiring after completing a three-year handover agreed after the sale, with no plans to work at any new ventures. Global Shares is now called JP Morgan Workplace Solutions.
JP Morgan Workplace Solutions is an employee equity management platform. Photo: Getty
“It is in good hands,” he said, when asked about how he felt about retiring from Global Shares. “JP Morgan is investing a lot of money in it. The team all have good jobs. It is a win-win; everyone is happy.”
Houstoun said he already backs many private companies in Ireland and has plans for more. Some of his investments include Endowave, a medical technology firm led by Jonathan Bouchier-Hayes and backed by former Davy boss Kyran McLaughlin.
“I have had a broad range of sectors, but now I am specialising in IT, because that is what I understand,” he said.
Employees of Global Shares were informed about Houstoun’s retirement last month in an internal email.
‘Tim’s vision and commitment have shaped our organisation,’ said Vince La Padula, CEO of JP Morgan Workplace Solutions. Photo: Getty
Vince La Padula, CEO of JP Morgan Workplace Solutions, said:“Since becoming vice chair of Workplace Solutions, Tim’s vision and commitment have shaped our organisation, driving its strategic expansion, empowering employees and deepening client relationships across the firm.
“The impact Tim has made lives on in the foundation he helped shape.”
Houstoun joined Global Shares in 2009. As CEO, he guided the company that eventually served hundreds of clients worldwide, becoming a global leader in employee share plan solutions.
Global Shares was founded in 2005 by Carine Schneider, a former benefits consultant at Towers Watson, and Maoiliosa O’Culachain, who had helped establish and run the Eircom employee share scheme.
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