Deals done this past week

10 May 2010

An overview of the week in deals in the Irish technology sector, including internet search giant Google’s acquisition of BumpTop, creator of a 3D desktop system.

Google goes 3D with acquisition of BumpTop

Google’s plans to become an even bigger force in the computing world are becoming clearer now that the company has acquired BumpTop, the creator of a 3D desktop system that runs on top of Windows and Mac OS X.

The acquisition of a 3D desktop system is another step in the direction that Google is definitely heading in.

After swiftly becoming a force in the mobile world with Android, which is selling at the rate of 60,000 a day, Google plans to become a force in the computer hardware world. Its first Chrome-based netbook is due out in the coming months and in recent weeks Intel demonstrated Android running on its Atom processor.

EirGrid secures full funding for Ireland-Wales electricity link

EirGrid has completed the final phase of funding for its Ireland-Wales electricity link, having recently secured €160m of commercial debt from Barclays and BNP Paribas.

EirGrid’s funding for the East West Interconnector Project includes the €160m recently announced, as well as EirGrid equity, European Investment Bank finance (€300m) and a European Energy Programme for Recovery (EEPR) grant for €110m.

The Ireland-Wales electricity link has a total capital cost of €601m and involves the construction of an interconnector running from Co Meath to the Deeside in Wales, which will link the Irish Transmission System to the British Transmission System and enable the two-way transmission of electricity.

PFH acquires Siemens enterprise comms division

Cork technology company PFH is to become a €50m a year turnover company with 200 employees after acquiring the Irish arm of Siemens Enterprise Communications for an undisclosed sum.

Through this deal, PFH will become Ireland’s largest independent tier one ICT provider and will seek to grow revenue to more than €50m in the coming 12 months.

Belfast-based Aepona raises US$10m in VC funding

The Belfast-based telco software and services company Aepona has announced a US$10m funding round led by global VC firm BlackBerry Partners Fund. The investment followed a successful year for Aepona, where revenue grew by 50pc in 2009 with a similarly profitable 2010 expected.

Alongside BlackBerry Partners Fund, the other investors included Amadeus Capital Partners, Polaris Ventures, Innovacom, Nordic Venture Partners and Sutter Hill Ventures.