Americans snap up telecoms company
An Ulster telecoms firm has been taken over by a Silicon Valley company.
Omiino Limited, based on Whitewell Road, Belfast, was acquired by Xilinx, based in San Jose, California.
Omiino was founded in mid-2007 through an initial funding round of $1.5m (£0.9m) led by Belfast-based Crescent Capital.
The company employs 16 telecoms engineers led by chief executive Gary Hamilton, who co-founded the company with Mark Carson and Andrew Brown.
Mr Hamilton said that the takeover is great news. The firm has already achieved global success with its Optical Transport Network (OTN) technology which is now used by some of the world's leading telecoms suppliers.
"We have worked very hard to develop this exciting technology and then bring it to market," he said. "It is good news for Xilinx because they will now be able to use our technology across whole families of products.
"It is also good news for Northern Ireland because it shows we have the capabilities and the know how to grow successful world-class companies.
"Omiino's success is an important endorsement of the approach taken by Invest NI to energise the venture capital sector, enabling it to make a real contribution to economic development here in Northern Ireland."
Through its growth, the management team was assisted by chairman, technology specialist Dr Bryan Keating and by Deirdre Terrins of Crescent Capital.
Ms Terrins added: "This is but the latest example of an indigenous world class high technology company that we have been able to work with to help them achieve their full potential. For the company to be acquired so quickly represents a very successful outcome for everyone involved."