Australian network technology company Sensory Networks, founded by Freelancer.com CEO Matt Barrie, has been bought by Intel for around $20m.
Barrie confirmed the deal to Gizmodo Australia's sister site, Business Insider, this morning. "I'm happy with the outcome, I think it's good for the team," he said.
He wouldn't disclose his remaining stake in the company, saying only that it was "modest".
Barrie left the company in 2006 and founded Freelancer.com, which he now intends to list on the ASX before the end of the year after knocking back a reported $400m-plus buyout offer last month. Three of the four founders of Sensory Networks are now principals at Freelancer.
Sensory Networks makes software that scans the activity on networks at high speed, as much as 200 gigabytes per second. Companies use it to monitor activity on their networks and its products have been used by anti-virus software provider McAfee and LG.
"This is Australia with world class technology," Barrie said.
Barrie was ranked 7th on this year's BRW Young Rich list, with an estimated personal wealth of $185 million.
Originally published on Business Insider Australia