Omiino targets market worth $2 billion
Omiino, a developer of new technology for telecommunications networks, has secured three US contracts with a combined value of €740,000.
The deals are for the Belfast company’s newly-developed virtual application-specific standard parts (vASSPs), which are designed to substitute the existing ASSPs used in optical transport networks at a lower cost.
Gary Hamilton, Omiino chief executive and co-founder, said the company planned to market the technology globally.
‘‘Our vASSP silicon chips are unique in that they deliver the combination of low costs, rapid availability and market agility that make them a very attractive mainstream alternative to ASSPs,” said Hamilton.
‘‘We have had the opportunity to demonstrate and benchmark our vASSP silicon solutions to tier-one global customers in the US, Asia-Pacific and Europe and we have been able to validate that the savings, performance and time to market benefits we deliver for our customers really are second to none.
‘‘We believe we are very well-placed to exploit a rapidly growing market that is worth $2 billion.
‘‘Capturing a modest 2-5 per cent share would generate revenues of between $20-$100 million, so it’s an opportunity we are extremely excited about.”
Omiino was founded in 2007 through an initial funding round of €1.1 million, led by Belfast-based Crescent Capital. The company employs 11 people. It is projecting revenues of €575,000 for its first trading year, ended March 2009.
