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Published 01 October 2013 11:19, Updated 03 October 2013 00:45
Entrepreneur Matt Barrie may have turned down a US$400 million offer for outsourcing website Freelancer.com, but his first company, Sensory Networks, has just agreed to an acquisition by Intel Corp, reportedly for $20 million.
Barrie left the company somewhat acrimoniously in 2006 but still holds a modest shareholding, together with three other co-founders. Two are now working with him at Freelancer.
Sensory Networks has developed technology that can monitor activity on networks at high speed. Chief technology officer Geoff Langdale would not confirm the size of the deal but said all five of Sensory Network’s employees would be kept.
“From Intel’s perspective it’s a small deal, but we’re very happy with it,” Langdale says. “We are already putting our technology into security appliances and network stacks. We think with Intel backing us we will be able to take over the world in this respect.”
The deal is not final yet and some closing conditions are still being worked through.
“It’s a good result for Australian tech startups,” Langdale says. “Nominally we are a US company but four of the five bums on seats we have here working in Australia. We have landed deals in the world class tier one networking space. We are encouraged by that – it’s not all about websites, there’s still occasion to do real computer science and make money off it.”