Aussies cash out in YouTube buy

Aussies cash out in YouTube buy

Summary: An online video start-up launched by three Australian entrepreneurs (including, apparently, an old acquaintance of mine from university) has been bought by Google subsidiary YouTube for a reported US$15 million.

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An online video start-up launched by three Australian entrepreneurs (including, apparently, an old acquaintance of mine from university) has been bought by Google subsidiary YouTube for a reported US$15 million.

YouTube said on its website yesterday in the US that it had bought the California-based company, Omnisio, with US technology blog TechCrunch reporting the deal was worth about US$15 million.

Slated to benefit from the payout is US early stage venture capital firm Y Combinator, as well as Omnisio's three Australian founders, Ryan Junee, Julian Frumar and Simon Ratner.

Funnily enough, I am pretty sure Frumar was in my class at the University of New South Wales back around 2000, when we were both studying Business Information Technology. Perhaps I shouldn't have dropped out to follow a journalistic career; Frumar looks to have made a motza after staying the course.

Julian Frumar
(Credit: Omnisio)

Frumar has also been involved in Vquence, also an Australian start-up, while all three have been involved in another company, Sensory Networks.

The effort looks to have been fast work for Omnisio — it only launched publicly in March to provide a bunch of tools that sit on top of popular video sites such as YouTube and Google Video.

"We've been continually surprised by the creative and interesting stuff our users have built on the Omnisio platform — from hilarious video compilations, to witty (and yes, sometimes over the top) in-video comments, to informative presentations with slides synced with video," Omniso wrote on its blog about its short history leading up to the buy.

Bootstrappr will try to get in contact with Omnisio to obtain more details. Junee's twitter feed can be found here.

Topics: Google, Start-Ups, Social Enterprise

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5 comments
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  • Some care to explain?

    Of course google must know what they are doing, right?

    Because I don't get how a pretty simple piece of software technology made from the scratch in a few months by just three programmers can be valued at $15M.

    I mean, it is not anything particularly revolutionary or novel. They have no revenue, no significant user base. Google could probably replicate this technology with its army of programmers in a few weeks.

    What am I missing here?
    anonymous
  • Some care to explain?

    I dare say it is cheaper to buy out your competition - or potential competition - when they are nothing more than a startup than to let them become your comptition.
    anonymous
  • How to connect to Bootstrappr

    Renai: What you are doing here is great? However, a friend of mine asked me today about a way to submit press releases or info to this blog.

    I thought that was a good idea. I gave him your e-mail and phone from your personal website however, it makes sense to have a way to connect to this blog directly.
    suhit
  • re; some care to explain

    the missing piece of the puzzle is...connections. That's what they have; and the right background to fit in with youtube/google (and all their other acquisitions have the same profile). That's how you win the motza!
    anonymous
  • What am I missing here?

    "... Because I don't get how a pretty simple piece of software technology made from the scratch in a few months by just three programmers can be valued at $15M. ..."

    Pretty annoying hey?

    Bunch of "smart-arse" 20yo's building something that users want, launching a product in a competitive market that gathers lots of users in a strategic area that a few Internet giants would take notice of. The reason companies like google purchase these startups if mostly for strategic reasons. It could be for the technology or pieces of it. It could be to block other competitors or even to hire the engineers themselves. This is the nature of technology startups: Create cool hacks between your friends, make a demo that others might want. Release it and itterate. The bit from release to exit is the hard part and I'll leave it to the reader to fill in the gaps how. Hint start here: http://paulgraham.com/notnot.html

    "... I mean, it is not anything particularly revolutionary or novel. They have no revenue, no significant user base. Google could probably replicate this technology with its army of programmers in a few weeks ..."

    The other reason companies like google purchase Startups is they can litterally turn out products, gain significant markets before big companies can. So while google has the engineers they are constrained even with their 20% time to get a product to market with lots of users. This out-sourcing development trend is something Startups can exploit post the IPO drought caused by Sarbanes-Oxley regulations.
    anonymous