Complex sentence: The agency was founded in 1949 as the Industrial Development Authority as an ad-hoc organisation and placed on a statutory footing a year later and in 1994 became the Industrial Development Agency (Ireland) or more commonly the IDA Ireland.
Split into simpler sentences: The agency was founded in 1949 as the Industrial Development Authority as an ad-hoc organisation and placed on a statutory footing a year later. In 1994 the authority became the Industrial Development Agency (Ireland) or more commonly the IDA Ireland.