ACT Venture Capital, a Dublin-based firm that invests in technology companies, will receive shares worth €27 million from the sale of one of its investments, Alphamosaic Ltd.
US semiconductor firm Broadcom, which designs the chips that power a range of electronic devices from mobile phones to video games, bought Cambridge-based Alphamosaic by issuing 4.17 million shares worth about $120 million.
ACT, which operates one of the State's longest-running venture capital funds, said its 27 per cent stake of Alphamosaic was valued at €27 million.
Alphamosaic was founded in Cambridge in 2001, and is a semiconductor firm that specialises in designing low power chips to enable multimedia applications for mobiles and other devices.
ACT Venture Capital invested €8.5 million in Alphamosaic over a period that began in November 2001 and ended earlier this year.
Earlier this year, ACT Venture Capital also sold its investment in Belfast-based chip design firm Amphion, which was bought by another US firm, Connexant. Founded as an independent operation in 1994, ACT Venture Capital has completed over 50 investments, principally in technology-based companies. It typically invests between €750,000 to €15 million in client firms.
