A Waterford-based mobile software company has been bought by a US multinational firm for over €60m.

The company, FeedHenry, employs 70 people and develops internet technology geared for mobile market applications.

It has been bought for €63.5m by US-based firm Red Hat.

FeedHenry is to remain in Waterford and is expected to grow employee numbers in the coming years.

The company was started in Waterford and now has employees in Britain and the US.

A few years ago, it was one of the companies supported by the Waterford Institute of Technology at its technology campus at Carriganore.

The deal will see a number of shareholders benefiting as well as employees, the college and Enterprise Ireland, who have also supported it.