Swansea-based software and app development company, Imagitech, has been acquired by its employees. The firm’s 17 staff have taken over via an employee ownership trust (EOT).
Founded by Mike Bews and Gerhard Manogg in 1995 the company works with 海角视频 and international clients to develop training and revision aids, as well as management and assessment systems for driving theory tests and health and safety qualifications, alongside custom-built applications and software for other businesses too.
Imagitech was advised on its employee-owned transition by Social Business Wales, which is delivered by Cwmpas.
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The two founders will be remaining with the firm for the foreseeable future. The value of the deal has not been disclosed.
Founding director Mike Bews said: “Software and app development is a very fast-moving sector and as you get older you realise that you might be getting old hat, so as the business is on an upwards trajectory, we wanted to pass it on when we were on a high.
“When looking at a trade sale we could see that some companies were thinking of breaking the company up, however, or simply taking our contracts and stripping us out, and we didn’t want that as we have built this pool of talent within Imagitech and wanted it to remain in Swansea, and in Wales.”
He added: “The thought of the company being split up really didn’t sit well with us, so after initially dismissing an EOT as we thought we were too small, we looked at it again.
“Thanks to the help and support of the team at Cwmpas, we decided it was the right option for us and our colleagues, who will now have the opportunity to benefit from the hard work they put into Imagitech, their own business.”
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Sarah Owens, specialist employment ownership consultant for Social Business Wales, said: “Imagitech is such an exciting and interesting business that has carved out a niche in the training, testing and assessment market, and so it is great that these skills will remain in Wales thanks to Imagitech becoming employee owned via an EOT.
“Employee ownership fosters a collaborative and supportive culture and one that drives innovation, which is a natural fit with the culture at Imagitech. Employee ownership is not a last resort when selling a business but is a model for forward thinking business wanting to retain and recruit talent and grow their business.”
Imagitech were also advised by legal director with Acuity Law, Natalie Jones, and partner with corporate advisory firm Azets Katherine Broadhurst.