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When TeleSign, a digital verification software developer, debuts on the Nasdaq in the coming weeks, it will crystallise an extraordinary investment coup for Dublin businessman Patrick Doran. The packaging millionaire and his family look set to turn an investment of just $25,000 (€23,600) into an equity stake worth over $80 million.

The staggering return will have been earned in less than 20 months and is the latest example of the market phenomenon known as the special purpose acquisition company, or Spac.

The California-based, Belgian-owned TeleSign is to merge with North Atlantic Acquisition Corporation (NAAC), a Nasdaq-quoted Spac established by Doran and the investment banker Gary Quin last year.

The Spac, or blank cheque company, floated on Nasdaq in January 2021, raising $380 million from investors

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