NSW Semiconductor Scientists in Deal with Cisco

Two Sydney scientists have reportedly pulled off one of Australia's biggest private technology deals, selling their Radiata Communications company for $567 million to Cisco.

Radiata founders David Skellern and Neil Weste and their 53 staff and backers will all receive Cisco shares as part of the deal, the Australian Financial Review reported yesterday.

The Australian company developed a semiconductor chip allowing computers and other devices such as mobile phones to communicate at high speed without wires.

Australia's venture capital industry's peak body slammed the deal as a 'sell out' of locally developed technology.

But Cisco Systems Asia Pacific senior vice president Richard Freemantle is quoted as saying the acquisition is a vote of confidence in Australia and its capacity to develop world leading technology.

Item provided courtesy of Industry Search