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Acquisition of Belfast firm Titan IC could see staff double


Eyal Waldman and Noel McKenna

Eyal Waldman and Noel McKenna

Eyal Waldman and Noel McKenna

The new owner of a Belfast-based technology company has said its workforce could double within 18 months as a result of the deal.

Titan IC, which has around 30 staff, has now been sold for an undisclosed sum to Nasdaq-listed company Mellanox Technologies.

The firm, which is based in the US and Israel, specialises in solutions for data centre servers and storage systems.

Mellanox said the acquisition will strengthen its network intelligence capabilities.

It added: "Titan IC's world class team in Belfast will become the centre of advanced network intelligence research and development for Mellanox."

Eyal Waldman, president and chief executive of Mellanox Technologies and a co-founder of the business, said: "With this acquisition, our merger and acquisition (M&A) investments total more than $1.2bn to date and more than $53m invested in start-ups to further our intelligent networking strategy."

He told the Belfast Telegraph: "We've worked with Titan IC and we think their tech is amazing and we like the team, so we decided to merge the two companies.

"We actually are thinking that we will grow in Belfast and make this the base of our research and development, and we would like to grow into Ireland.

"The headcount of 30 could easily double in the next year to year and a half. We think there's great talent here."

Explaining that he would be meeting economic development agency Invest NI, Mr Waldman said that "we're counting on Invest NI to help us grow our business".

He added: "We think the research in universities is very close to what we are doing in terms of technology which we can utilise in future products."

He said his team had visited Belfast multiple times but that this week marked his first visit.

The chief executive also said Brexit would have no impact on its plans for Belfast.

Nor did he regard coronavirus as a possible threat.

"Our supply is pretty assured and we don't think we'll experience any difficulties in supplying our product in quarter one and quarter two," he said.

And he added a surge in homeworking due to the virus could result in more demand for its storage infrastructure.

Mr Waldman said some aspects of the company's travel was being curtailed as result of the virus, but not to a "significant" level.

Noel McKenna, chief executive of Titan IC, said: "We are pleased to become part of Mellanox and together we will accelerate the pace of innovation and will advance network intelligence to new levels of performance and insight."

He added the companies had already worked together extensively in the past.

"Now as part of Mellanox, we will be able to achieve new capabilities for cyber intelligence, intrusion detection and protection, and advanced data analytics applications," he said.

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