Congratulations to Patrick and John Collison on the acquisition of their company Auctomatic that they co-founded and run along with Harjeet and Kulveer. See kids, you can live the dream and build a technology company. Right now these teen brothers are probably the exception but I can’t see anything stopping anyone else here from doing the same. This post will be updated later today.
Update: Press release -
Multi-million success for Irish teenage tech entrepreneurs
Patrick (19) & John Collison (17) from Castletroy, Limerick have now
made a lotto-like fortune as a result of Auctomatic, the company they
co-founded, being acquired in a multi-million dollar deal by large
multinational Canadian company Live Current Media. Auctomatic will
join Live Current’s existing portfolio of services and technologies
while development work on it will continue at a greater pace.
The Auctomatic story starts in Limerick where BT Young Scientist
winner Patrick deferred college at MIT to work with his brother John
who was in transisiton year in school. Soon their online commerce
startup merged with the UK startup of cousins Harj and Kul Taggar, and
the new merged company was then funded by high profile American
investment company Y Combinator, as well as early Google employees
Chris Sacca and Paul Buchheit.
Live Current Media is a public International technology & media
company headed by CEO Geoff Hampson, who previously built successful
companies such as Peer 1 Networks. Live Current Media acquired
Auctomatic for both the revolutionary online commerce technology
platform they created, as well as the founders’ widely-acknowledged
insight into the ecosystem of commerce online.
Speaking about the acquisition, Patrick Collison said: “We’re
delighted. It’s a welcome reward for the huge amount of work that’s
gone in, and is a testament to the vision that our investors had.
We’re very excited about the opportunities that Live Current Media
gives us to expand on our products and beliefs, and to take the
Auctomatic philosophy even further. This is a win for us, Live Current
Media and the Auctomatic user community. We couldn’t be happier.”
Patrick will now go to Vancouver to work as Director of Engineering
for Live Current Media. John intends to work with Live Current during
the summer, but is currently concentrating on his fifth year studies
studies at Castletroy College.
The trend of teenagers founding tech companies and becoming
millionaires is nothing new in Silicon Valley, but the Auctomatic
story shows that now both UK and Irish-based teenagers can do the
“I’m personally delighted with all of this, but I’m even more excited
about the fact that the door is open to so many other talented people
in Ireland to do the same thing. The rules for young people,
especially, are being rewritten, and you can now prosper regardless of
age or formal qualifications. I can’t wait to see how other Irish take
advantage of this.”
John added “I’m thrilled. I might buy a car. Then again, I might have
enough money for that, but not the insurance at my age. We went out on
a bit of a limb, but I wouldn’t hesitate to recommend the same path
for anyone else. More than anything, I feel this serves as proof that
anyone, at any age, can be successful if they put effort into
something they’re good at.”
Despite having launched as recently as October, there was strong
interest in Auctomatic from well-known Silicon Valley technology
companies. Ultimately, though, the match between the founders’ vision
and Live Current’s plans was too good an opportunity for either
company to pass on.