The Dublin Web Summit, the massive technology conference which has taken place in Dublin since 2010, will move to Lisbon next year, and stay in the Portuguese capital for at least three years.
The founder of the event, Paddy Cosgrave, revealed the news ahead of a conference to announce the move, which will be seen as a massive coup by the city. The event is worth some €100m per annum to the Irish economy.
In the statement, Cosgrave said: "We know now what it takes to put on a global technology gathering and we know that if Web Summit is to grow further, we need to find it a new home. Our attendees expect the best."
The statement also pointed towards accommodation and transport infrastructure as reasons for the relocation. Last year, Cosgrave had hinted at moving the event as a reaction to failings in wifi coverage at its base in the RDS.