31/03/2011

Californian Business Acquires Telecoms Firm

A north Belfast-based telecoms firm has been bought over by a leading California-based technology company in a multimillion-pound deal

The start-up business Omiino Ltd - located on the Whitewell Road - specialises in making programmable microchips and was established in 2007 and employs 16 telecoms engineers.

The deal with Californian company Xilinx comes after Omiino received nearly £1m in investment from venture capital backers Crescent Capital. The company has also received support from Invest NI.
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Chief executive and co-founder of Omiino, Gary Hamilton commented: "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 board member and Crescent Capital representative Deirdre Terrins added: "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."

(JG)

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