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Tekcapital acquires intellectual assets of Vortechs Group

Tekcapital boss Dr Clifford Gross expects the deal to add value and provide synergies for the company's existing clients.

Vortechs is a specialist in 'executive search' for the technology transfer sector

Tekcapital PLC (LON:TEK) has announced a new acquisition that expands its presence in the technology transfer sector, specifically in the field of executive search.

It is acquiring the intellectual assets of Vortechs Group Inc, a business specialised in executive search for organisations seeking technology transfer professionals.

The current associates and management of Vortechs Group will remain in place, and the business will continue to operate as Vortechs, as a division of Tekcapital.

Dr Clifford Gross, Tekcapital executive chairman, said: "We are very pleased to announce the acquisition of the Vortechs Group assets and business.

“The directors believe that this acquisition will provide an additional valuable and synergistic service for our clients."

In 2015, Vortechs recorded revenue of US$351,000 with which it had a US$3,000 pre-tax loss.

Tekcapital is paying US$100,000 cash and is issuing 577,868 new shares priced at 47.5p, giving a total deal value of around US$500,000 (about £340,000).

The AIM company is not acquiring the corporate entity Vortechs Group or certain fixed assets belonging to the group, nor is it assuming any of the group’s liabilities.

Tekcapital’s existing business operations enable early stage technology discovery. It provides products and services that assess possible market applications and the commercial potential of new inventions and technologies.

The arena of technology transfer (the process by which emerging technologies are transitioned from academia to broader marketplace applications) is therefore a key market for Tekcapital and as such the acquisition of Vortechs offers valuable synergies.

Having an expert in executive search is expected to position Tekcapital as a stronger turn-key service providers to both technology suppliers as well as its corporate clients.

Acquiring the complementary services business also gives the company further opportunities to engage its clients, and it is expected to further embed Tekcapital in the process of assessing and commercialising early stage technologies and intellectual property.


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Price: 5 GBX

Market: LSE
Market Cap: £3.94 m

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