Intellectual property company Duolog Technologies is to create 80 high-technology jobs in Galway and Dublin as part of an expansion process designed to capitalise on the booming semiconductor market.
The company, which was founded earlier this year by the former Silicon Systems managing director, Mr Ray Bulger, designs and integrates the silicon and software technologies used in the wireless communications sector.
"Our strategy is to build an intellectual property base in third generation wireless communications, including telecoms infrastructure and digital receiver technologies, mobile communications, WAP and Internet markets," said Mr Bulger, who is Duolog's chief executive. The global semiconductor market is forecast to grow to $244 billion (€288 billion) in 2003 from $153 billion in 1999 due to the explosion in global communications, m-commerce (mobile commerce) and e-commerce.
Mr Bulger said Duolog would establish a development centre in Galway later this year and was exploring the possibility of a second regional hub, possibly in Cork, next year.
The expansion will be funded from the £2.5 million (€3.17 million) seed capital made available by Mr Denis O'Brien's investment vehicle, Island Capital, and private clients of Davy Stockbrokers. That investment valued Duolog at £15.5 million.
Mr Bulger said the company had already secured orders worth £1 million and would double its business by Christmas.
"We will be self-financing until next year and then will raise money depending on how fast we move into the intellectual property model," he said.
The Tanaiste, Ms Harney, said she was pleased the company had chosen to locate outside Dublin. "Technology industries, particularly those such as Duolog which are involved in design, are well suited to this type of geographical diversification," said Ms Harney.
