February 16, 2011
By Staff Reporter
By Andrew Bushe
DUBLIN — Two Galway men who started up their computer chip business after being laid off by the Digital computer company seven years ago have become millionaires after selling out their high-tech firm to the Canadian Nasdaq-quoted company PMC Sierra.
Pat Sheehan, the chief executive, and Bryan Campbell, vice president, who own 43 percent of Toucan Technology, will each get around £4.45 million worth of PMC Sierra shares.
The Canadian company’s shares surged by over 10 percent on the Nasdaq following the purchase.
The 30 employees of Toucan will also get a windfall from the 11 percent of the company they own, as will Enterprise Ireland, which has six percent.
They can gradually unlock their shares over five years and how much they will get will, of course, depend on the performance of PMC Sierra stock.
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Campbell and Bryan made their plans for Toucan after it became clear in 1993 that Digital was closing down its Galway operations.