Penningtons Solicitors LLP has advised the shareholders of Polarmetrix on the sale of the company to Fotech Solutions, a UK developer of monitoring and surveillance solutions for oil and gas wells and pipelines.
Polarmetrix, which was based in the Surrey Research Park in Guildford, is a University of Surrey spinout company specialising in the research and development of fibre optic sensing technology for the security and oil and gas sectors. Optical fibres are ideal for a wide variety of industrial sensing applications over short or long distances.
The sale of the company to Fotech – which has recently secured £6.5 million in funding from investors including Scottish Equity Partners, Energy Ventures and the Shoaibi Group of Saudi Arabia – will mean that the business can be expanded and further applications developed for the commercial sector. Fotech is in the process of creating a range of innovative products for the oil and gas instrumentation and sensor market. It has established a new base in Hampshire.
Penningtons’ business services team, led by partner Sarah Scarlett, co-ordinated the deal, advising all selling shareholders. Commenting on the transaction, Scarlett said: “We are pleased to continue our association with the University of Surrey by advising on the successful sale of Polarmetrix, in a transaction which will provide excellent opportunities for the company’s future success.”
Shepherd & Wedderburn LLP in Edinburgh advised Fotech on the transaction.