Two Oxford university graduates have become millionaires after selling their company just months after setting it up.

Cousins Kulveer and Harjeet Taggar sold their online auction management company Auctomatic to American website specialist Live Current Media for £2.5m.

The whizzkids, who received major financial backing to move to Silicon Valley in the United States after developing their first company boso.com, an online student auction at university, set up Auctomatic in June last year.

They then returned to the university for the 'Silicon Valley Comes to Oxford' event at the Said Business School in November, and were approached by a number of buyers, including Live Current Media.

Kulveer, a former president of the Oxford Entrepreneurs student business society, said: "We've been really lucky to have such good support.

"Looking forward, we're all extremely excited about the opportunities we have."

Harjeet, 22, and Kulveer, 24, will now continue to develop the Auctomatic site, which is already being used by thousands of small businesses around the world to manage sales on auction sites such as eBay.

Live Current chief executive Geoff Hampson said: "The acquisition of Auctomatic is an opportunity for us to rapidly grow our technology and product development capabilities."