Belfast Telegraph

Sunday 29 May 2016

Medical imaging company Cirdan wins £3.5m backing from IT firm Kainos

By John Mulgrew

Published 03/02/2016

The future's bright: Allen Martin, Kernel Capital; Hugh Cormican, CEO of Cirdan Imaging; William McCulla, InvestNI, and Gillian Sadlier, Business Banking NI, Bank of Ireland
The future's bright: Allen Martin, Kernel Capital; Hugh Cormican, CEO of Cirdan Imaging; William McCulla, InvestNI, and Gillian Sadlier, Business Banking NI, Bank of Ireland
Jayne Brady, partner at Kernel Capital and Paul Brown, chief executive of DisplayNote
DisplayNote is supply its patented wireless presentation system, Montage, to Sahara plc

A Co Antrim medical imaging firm has secured £3.5m of investment, which includes fresh support from Belfast IT giant Kainos plc.

Lisburn-based Cirdan Imaging has landed a further £2m of funding from finance firm Kernel Capital, alongside £900,000 from the now listed Kainos, with a further £600,000 to follow down the line.

Cirdan, founded by Hugh Cormican after he set up Andor and brought it to plc status, designs, makes and exports cancer diagnostic equipment around the world from its Lisburn base.

Now, it's entered into a commercial partnership with Kainos - the Belfast tech firm headed by Co Antrim man Brendan Mooney, which floated on the London Stock Exchange last summer.

Cirdan, which turned over more than £3m in its last set of accounts, now employs 32 people. And following the new investment, it plans to increase its headcount, building on sales in areas such as the US, Canada, the Middle East and as far afield as Australia.

Hugh Cormican, chief executive of Cirdan Imaging said: "We are delighted to be working with Kernel Capital, Kainos and our existing investors.

"This funding will be used to strengthen our product offering, capitalise on our partnership with Kainos and to scale our company, as we enter new markets and increase our export sales."

Kainos chief executive Brendan Mooney described Cirdan as "a fast-growing and exciting medical diagnostics business"

"Our close relationship will open doors for both businesses, creating interesting new growth opportunities," he said.

Meanwhile, another Belfast technology firm, which is also backed by Kernel Capital, has landed a multi-million pound deal to supply its products to a UK manufacturer. DisplayNote Technologies will sell its new wireless presentation system, Montage, to Sahara - a firm which makes and distributes interactive touch screens.

DisplayNote, which employs 32 people, builds products designed to make it easier for people to present, share, connect and collaborate in real-time across large-format display.

The firm's chief executive Paul Brown said the "two companies have worked together to combine the quality of Sahara's Clevertouch displays with the powerful ability of Montage to connect multiple devices, people and places in a shared workplace".

"We're very excited about bringing Montage into the marketplace. We're confident the partnership with Sahara will lead to widespread adoption of Montage as the enterprise standard solution for wireless collaboration."

Shaun Marklew, Sahara sales director, said companies are "taking advantage of wireless meeting room technology and combining functionality and simplicity to promote collaboration and drive innovation".

"Montage, to us, is the very essence of re-inventing your boardroom or office. Alongside our range of award-winning interactive screens we offer something truly innovative, something that makes it easier than ever for our enterprise customers to share ideas and work together."

Jayne Brady, a partner at Kernel Capital and director with DisplayNote said:"Kernel Capital invested in Belfast-based DisplayNote, led by CEO Paul Brown and CTO Andy Bell, as we recognised the world class innovation within the company and the significant potential of their new products to change the way organisations collaborate. This announcement is a strong affirmation of this growing market opportunity and is further validation of the Bank of Ireland Kernel Capital's Growth Funds strategy of supporting innovative export focused companies."

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