ACT takes €10m stake in software specialist
The company, which was previously majority-owned by electronics giant Philips, employs over 300 people, with 185 of these in Ireland.
Philips, which is also one of the company’s biggest customers, will retain a strategic shareholding in S3.
S3 management will also retain an ownership stake.
S3 chief executive John O’Brien said the deal would open the way for the company to target high-value markets in the Far East, such as Korea, Japan and China.
The region currently accounts for around 6% of its business, with the balance coming from Europe and America, but Mr O’Brien said S3’s products and services were attracting growing interest there.
“This investment will enable S3 to accelerate the development of our innovative products and services businesses in these areas and in particular to expand our customer reach in Asia,” he said.
The company is currently working on major projects that include new software to stream live TV broadcasts onto mobile phones and next-generation high-speed broadband internet access.
Mr O’Brien said that the new investment meant the company could enjoy “the best of both worlds”, with Philips staying on board as a strategic partner and a new investor in ACT.
The company will use the extra funding to increase its core research and development (R&D) activity and identify new products and services, as well as hire extra sales and technical staff.
S3’s client base includes major blue-chip names such as Intel, Toshiba, Texas Instruments, Sky and Lucent Technologies.
The company will team up with Enterprise Ireland in the year ahead to grow its export base and improve its R&D capabilities.
CONNECT WITH US TODAY
Be the first to know the latest news and updates
