VIDEO: Irish players found not guilty in rape trial
Flyhalf Jackson, 26, has been capped for Ireland 25 times and centre Olding, 24, has played four times.
A jury of eight men and three women returned its unanimous verdict after deliberating for a total of nearly four hours.
The two, who were banned from playing pending the trial, had pleaded not guilty to charges over the alleged incident on June 28, 2016.
The Irish Rugby Football Union and Ulster released a statement following the verdict:
"The IRFU and Ulster Rugby note the verdict handed down today at the Belfast Crown Court in relation to the case brought against Paddy Jackson and Stuart Olding. We wish to acknowledge that this has undoubtedly been a difficult and extremely traumatic time for all involved.
"To respect the judicial proceedings the IRFU and Ulster Rugby postponed any internal review of the matter with the players, until the proceedings concluded.
"IRFU and Ulster Rugby officials will review the matter, in line with existing procedures for all contracted players. A Review Committee, made up of senior representatives of the IRFU and Ulster Rugby, has been appointed and will conclude its review as soon as practicable.
"The players will continue to be relieved of all duties while the Review Committee is in process and determining its findings."
Agence France-Presse & @IrishRugby
