NSW tech company snapped up by Fortune 500 company
27 September 2012
A world-leading NSW software innovation developer has been snapped up by a US-based top 100 Fortune 500 company.
The National ICT Australia (NICTA) NSW spinout Open Kernel (OK) Labs, which produces mobile device security software found on an estimated 1.6 billion devices globally, has been acquired by US multinational giant General Dynamics.
NSW Trade & Investment Executive Director, Investment & Export Services, Kylie Hargreaves said she was pleased to hear that the company would become a new division of General Dynamics.
"General Dynamics employs almost 100,000 people and is a global leader in aerospace, defence and ICT, with revenues exceeding US$30 billion and operating in more than 40 countries, including Australia," Ms Hargreaves said.
"For a company like General Dynamics, which has the world as its sourcing pool, to choose a technology created in Sydney is a ringing endorsement of the world class capabilities of our research and ICT sectors.
"General Dynamics' global competitors will no doubt take a much closer look at what we have to offer now because of this acquisition. General Dynamics has effectively championed our own industry and is thus helping us attract global attention."
OK Lab's Research and Development headquarters in Sydney employ around 50 engineers and software developers.
"I am told these jobs will remain here and potentially even be expanded." Ms Hargreaves said.
"NICTA will also continue to undertake original and important research in the secure software systems arena."