£27m tech firm acquisition takes a step forward

A £27m takeover of a Coventry technology company has taken a step forward after the Secretary of State approved the offer, subject to conditions.

The offer for FireAngel, a developer and supplier of home safety products, comes from Intelligent Safety Electronics (ISE), incorporated in Singapore and owned by Siterwell Electronics, following a challenging period.

Manufacturer of security protection ISE already holds 17.46% of FireAngel and now looks to purchase the remaining shares for 7.40p a share, which values the firm at £27.68m.

Now FireAngel, ISE and Siterwell must meet conditions set out by the Secretary of State, such as:

Meet requirements relating to corporate governance, including UK Security Vetting clearance for certain members of the Executive Committee and Board of Directors

Appoint a Chief Information Security Officer with UK Security Vetting clearance who will have oversight of requirements relating to infrastructure, data handling, access to IT systems and software and firmware updates

Implement visitor protocols for visitors and seconded employees to FireAngel Group sites; and

Meet certain requirements relating to the design of networked products, including the continued screening of samples by an accredited testing authority.

ISE is now considering the conditions in order to determine whether it considers them to be reasonably acceptable to it, as is specifically required in order for the NSIA condition to be satisfied.

A further announcement will be made shortly once the NISA conditions have been fully considered.