Foresight invests £2.5m in software provider Cimteq
Foresight Group has invested £2.5 million to support the growth of North Wales-based software provider Cimteq Limited.
This is the thirteenth investment by the £58 million Foresight Regional Investment Fund (FRIF), focussed on North Wales and the North West of England. Since December 2015 the Fund, backed by local institutional investors including the Clwyd Pension Fund, has supported the creation of 260 new jobs across the investment area. Cimteq marks the Fund's first investment into the thriving North Wales SME community, supporting growth in the region.
Located in Wrexham, Cimteq specialises in the development, supply and support of modular software solutions for the wire & cable manufacturing industry. The company currently offers two main software products to wire & cable manufacturers – CableBuilder, a software solution aiding the design of cables, and full manufacturing execution system CableMES.
CableBuilder is a market-leading, modular system allowing clients cost-effectively to quote, design and produce cables of all types, whilst CableMES is a recently released software product utilising the latest industrial Internet of Things (IoT) technology to optimise large-scale cable manufacturing operations.
Cimteq was founded in 1998 and is managed by Ali and Amanda Shehab, who both have extensive prior experience within the wire & cable industry having worked at BICC Cables, at that time one of the world's largest cable makers. With a global client base, Cimteq is recognised as an expert and market leader in its field. The company currently employs 22 people.
Ali and Amanda will continue to lead Cimteq, with help from additional senior resources including a highly experienced incoming non-executive Chairman, Bryan Taylor. Since his time as MD at Fujitsu Computers, Bryan has been Chairman of many software businesses including Dem Solutions, Navitas and Creditcall.
Colin Everett, Chief Executive of Flintshire County Council, who administer the Clwyd Pension Fund, added: "Through our commitment to Foresight's Fund, Flintshire County Council is happy to be supporting the growth of local SMEs in North Wales and beyond. The Fund has already demonstrated its ability to drive significant job creation and we look forward to seeing Cimteq and other investments continue to grow and leverage Foresight's expertise and network."
Terry Evans, Lead Member for the Economy, Wrexham County Borough Council, adds: "This investment in a Wrexham-based company is welcomed."
Matthew Pomroy, Investment Manager, Foresight, says: "With Foresight's support and the unique market leading software offering, coupled with the team's exceptional expertise in the sector, we believe there is significant opportunity to grow Cimteq rapidly over the next 3 to 5 years. We are hugely excited to be able to support Cimteq in its next phase of growth."
Cimteq CEO Ali Shehab said: "We are delighted to be working alongside Foresight to further strengthen our position in the market. Foresight's experience in supporting businesses and developing SMEs will be invaluable to the future growth of the business."
BCMS Lead Advisor who advised Cimteq's Ali and Amanda Shehab, Mac Edwards, added: "We are delighted to have helped Ali and Amanda achieve their goal and help secure a bright future for Cimteq. This was a complex transaction, but our experience in selling industrial software businesses coupled with our previous transactions with the Foresight team helped maintain momentum. We wish both parties every success with this next chapter."
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