Californian firm takes over Omiino
A Belfast-based telecoms firm has been snapped up by a leading Silicon Valley technology company in a multimillion-pound deal.
Omiino Ltd, founded just four years ago, has been acquired by Californian company Xilinx.
The north Belfast start-up business specialises in making programmable microchips.
It employs 16 telecoms engineers at premises in Whitewell Road, led by chief executive Gary Hamilton who co-founded Omiino along with Mark Carson and Andrew Brown in 2007.
The Xilinx deal, the exact financial terms of which have not been disclosed, may pave the way for expansion.
Omiino has already grown with the aid of nearly £1 million in investment from venture capital backers Crescent Capital. Government business support agency Invest NI has also helped the firm develop.
Mr Hamilton said: "This is great news for Omiino because we have worked very hard to develop this exciting technology and then bring it to market. It is good news for Xilinx because they will now be able to use that 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."
Omiino board member and Crescent Capital representative Deirdre Terrins said: "Crescent Capital have invested around 1.5 million dollars (around £935,000) in Omiino since it was established just over three years ago. For the company to be acquired so quickly represents a very successful outcome for everyone involved."