An established Cornish software business is under new ownership.
Saltash-based ESSA Technology, which specialises in vehicle number plate recognition, has been acquired by Jenoptik Traffic Solutions UK, which is a subsidiary of the German business Jenoptik AG.
Accountancy firm, PKF Francis Clark, played a key role in the takeover. Corporate finance senior associate, Nick Tippett, provided transaction support to the ESSA shareholders, leading negotiations with Jenoptik and advising on the various taxation aspects of the transaction.
He said: “ESSA, founded by the current directors 30 years ago, has long been a trusted partner to government and security agencies, with a track record of developing innovative number plate recognition applications – as well as working with businesses on vehicle information management platforms.
“We are pleased to have supported our longstanding client in achieving a successful exit, whilst ensuring that the cutting edge software it has developed continues to be a market leading product.”
Tippett worked with Matt Cook, partner and head of commercial at Plymouth legal firm, Bright Solicitors, to achieve the successful outcome for ESSA shareholders.
Financial details of the deal were not disclosed.