Australian entrepreneurs Ryan Junee, Julian Frumar and Simon Ratner are laughing all the way to the bank as their online video start-up Omnisio was acquired by Google for US$15 million (NZ$20 million) in cash.
In announcing the acquisition on the Omnisio Web site, the trio said they are "thrilled" to be bought out by Google and will soon be joining the YouTube team "aligning us with the market leaders in online video".
"Together we'll apply what we've learned about the space, and we'll work to develop innovative products and features for the YouTube community," the statement said. "We believe we've only scratched the surface in terms of what's possible with online video, and we are really looking forward to taking the video viewing - and creating - experience to the next level."
Launched publicly in March, Omnisio found a niche in online video sharing, annotating and editing with presentation material.
It is touted by its developers as "the world's first platform for building rich applications with video".
Omnisio allows videos to be tagged for key highlights which can then be jumped to immediately.
The company claims to be "pushing the envelope" of online video, and its founders have "been surprised by the creative and interesting stuff our users have built on the Omnisio platform".
"The enthusiastic adoption of our tools has exceeded our wildest expectations," they said.
Co-founder Julian Frumar previously worked for Sydney-based video start-up Vquence and all three worked at content processing software start-up Sensory Networks, also with a history in Sydney.