A Birmingham company which helps property owners and developers improve the tech in their buildings has been bought out just days after going into liquidation.
Vanti has been acquired by London-based Torpedo Factory.
The deal comprises certain assets of Vanti, whose official name is RTS Technology Solutions, and will see the new owner hire staff and open a new office in Birmingham.
Vanti was founded in 2006 and has been led by chief executive Mike Brooman for 15 years.
It works with property developers, landlords and consultants looking to install smart tech into their buildings and improve the experience of their users and tenants such as bespoke cinema rooms and meeting spaces.
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Its previous projects in Birmingham include the new One Centenary Way office block on the Paradise estate, the Royal Conservatoire building in Jennens Road and Library of Birmingham.
According to a statement, a lack of funding resulted in Vanti going into liquidation on Monday before Torpedo Factory acquired the business two days later for £37,000.
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There will be additional payments due of up to £50,000 over the next 18 months, dependent upon financial performance and retention of certain clients.
The buyout deal comes less than a year after Vanti agreed a £1.5 million loan deal with the Midlands Engine Investment Fund to grow its team by around 50 per cent to 75 employees as well as make improvements to its city centre HQ and invest in systems.
It is not clear at this stage how many of Vanti’s staff will be retained under the new ownership.
Torpedo Factory provides technical products and support on projects such as new theatres or performance spaces as well as audio visual setups and digital signage.
It was acquired last year by London-based listed architectural group Aukett Swanke which worked on Birmingham City University's new STEAMhouse facility on its Eastside campus.
Chief executive Nick Clark said: "Vanti has been known to the management of our Torpedo Factory business for many years. They are well known in the smart buildings sphere.
"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 Torpedo Factory'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."