Irish Payments Company Planet to Add 500 Jobs Globally

Planet, a software and payments company, is adding 100 new jobs in Ireland, the Connacht Tribune reported Sunday (April 17), with many of the roles destined for Planet’s headquarters in Galway.

Planet, founded in 1985 in Galway, was reportedly initially created to help international shoppers get money back after shopping overseas. This helped to streamline a process that had been complex — and the company later went on to add the Double Sale System, getting rid of back office administration for merchants.

Per the report, the new jobs in Ireland will be a blend of hybrid and remote working roles, covering several sectors like product development, technology and finance. The company expects to create 500 new jobs globally over the coming months, including the 100 Ireland-based roles.

Hildegarde Naughton, the Minister of State at the Department of Transport, said the jobs “will have a great impact on the city and further excel Galway’s reputation as a great city for business and innovation.”

Planet’s business expanded in Europe in the 1990s, hitting France as well as other places like the United Kingdom, Italy, Switzerland, Spain, Austria, Belgium, the Netherlands, Germany and Poland. The report added that the company also expanded globally for decades after that and acquired various payment services.

PYMNTS wrote that in 2020, Eurazeo, a French buyout fund, got the help of Citigroup and Evercore to sell Planet.

See also: Eurazeo Taps Citi, Evercore To Unload Planet Payments Unit

Eurazeo wanted to get an auction process in place, looking to cash in on eCommerce and smartphone payments. Citi and Evercore succeeded earlier in negotiating the sale after an agreement with Silver Lake, which looked to fuse Planet competitor Global Blue with Far Point, which had been set up by hedge fund Third Point.

At the time, sources said Eurazeo had been “looking to cash out at a multiple of 15 to 20 times Planet’s core earnings,” which were over €100 million ($108 million), and the price was said to be bigger than €1.5 billion ($1.62 billion). The sale planned to target Asian and Western companies, as well as various other investment funds.