LONDON, UK: Aukett Swanke’s wholly owned subsidiary Torpedo Factory Ltd (TFL) has acquired certain assets of RTS, a company (trading as Vanti) which provided master system integration and smart building software to commercial properties in the UK.
The acquisition introduces SaaS revenues from RTS’s smart buildings software and, in the opinion of the Directors, marks a significant step forward in the Group’s quest to become a leading smart buildings provider.
The group intends to employ new staff to be based in a new Birmingham office, to be leased from a third party, to form the core of the Group’s smart buildings offering.
RTS was founded in 2006 but as a result of a lack of funding was liquidated on 18 March 2024 with TFL completing the Acquisition on 20 March 2024.
The consideration payable by TFL for the Assets comprises an initial cash payment of approximately £37,000, with an additional up to £50,000 payable over the next 18 months dependent on the satisfaction of certain financial performance conditions deriving from the transfer and retention of certain RTS clients.
The Company is raising in aggregate up to £425,000 (before expenses) through the issue of new equity, for the purposes of providing the Group with working capital for its increased scale. £275,000 is being raised by way of direct subscriptions by certain existing and institutional investors.
In addition, certain directors and managers of the Group have indicated their intention to subscribe for up to £150,000 on the same terms as the Investors.
Nick Clark, Chief Executive of Aukett Swanke, commented: “Vanti has been known to the management of our Torpedo Factory Group business for many years. They are well known in the smart buildings sphere, having been contributors to the recent RIBA publication “Smart Building Overlay to the RIBA Plan of Work” and spoken at this year’s Smart Building Conference in Barcelona.
Despite its apparently small scale, this purchase provides us with access to a wealth of experience in the delivery of smart building systems. We are delighted to be expanding TFG’s interests to the West Midlands with the opening of a Birmingham office, and to welcome former Vanti employees to the Group. We are also excited by the opportunities for the software assets.”
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