Former executives of collapsed Scottish tech company M Squared have acquired its intellectual property and certain other assets.
Joint Administrators Alistair McAlinden and Geoff Jacobs from Interpath completed the sale to Novacene Photonics, whose directors include Graeme Malcolm, co-founder and former chief executive of M Squared Lasers, and Nils Hempler, a former chief operating officer at the company.
The sale follows an extensive marketing exercise, said the administrators which led to several offers at the closing date. Preferred bidder status was granted to Novacene which led to a detailed sale agreement.
“The transaction represents the best outcome available for the administration,” said Interpath in a statement issued to the media today.
Mr Jacobs added: “The company’s intellectual property assets in particular attracted interest from a variety of parties. We wish Novacene well for the future and hope to see the business develop and potentially provide future opportunities for the former customers and suppliers of M Squared.”
A spokesperson for Novacene Photonics commented: “Novacene Photonics is pleased to announce the purchase of intellectual property and certain assets from M Squared Lasers, and looks forward to building upon M Squared’s pioneering legacy in photonics.”
State-owned Scottish National Investment Bank lost all of its £34m investment in the collapse of M Squared Lasers which was the first company it backed.
Santander UK provided it with £14m of debt facilities.
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