Agilent Dublin-based firm sold for almost $100m buys MV Technology

Three founding members of Dublin-based MV Technology will become multi-millionaires following the firm's sale to a US multinational, Agilent Technologies, for almost $100 million (€106.4 million).

Mr Peter Conlon, founder and chief executive of MV Technologies, which designs and develops optical inspection solutions for electronics manufacturers, will be the main beneficiary.

Co-founders Mr James Mahon and Mr Brian Farrell will also gain multi-million dollar returns along with more than 30 staff who took part in an employee share ownership scheme.

The firm grew out of a Government-sponsored initiative in 1996 and was supported by Enterprise Ireland, which gains about $3 million through the sale.

Agilent did not disclose the deal's exact size yesterday but industry sources said MV Technology was sold for $80-$95 million.

MV Technology is five years old and supplies leading manufacturers including Siemens and Nokia with in-line automated optical inspection systems and solutions.

Its products are designed to identify defects in the printed circuit assembly process and are used by major electronics manufacturers worldwide. Agilent has agreed to acquire all products, patents, intellectual property and regional offices in Chicago, Singapore, Tokyo, and Guadalajara, Mexico. It will also take on the firm's 150 staff. The transaction is expected to close in about six weeks, after receipt of regulatory approvals and other closing conditions have been met.

When the acquisition is completed, MV will become an operation within the imaging division of Agilent's manufacturing test business unit, part of Agilent's automated test group.

Agilent said yesterday it would set up a worldwide centre for automated optical inspection in Dublin, called the Irish Imaging Operation. This would have global business responsibility for related development, manufacturing, marketing and sales.

Mr Conlon said last night MV had grown dramatically in five years and made some $28.5 million in revenue last year.

The plan now was for Agilent to make Ireland a centre for excellence in optical inspection solutions. Meanwhile, a second Dublin based technology firm which was founded in 1999 by Lebanese-born Mr Roy Zakka was acquired yesterday for $14 million by Italian application service provider Acotel Group.

Acotel will take an immediate 51 per cent stake in Jinny Software and will pay an additional $9 million over two years. Mr Zakka will net more than $10 million through the deal while some of the 47 staff will share a further $1.4 million.

Mr Zakka said last night he would continue to run the firm. In addition to the acquisition Acotel has placed an order with Jinny Software for the immediate delivery of a short messaging service centre for a further $1 million.