Foresight invests in Cimteq
Foresight Group has made a multi-million-pound investment to support the growth of North Wales-based industrial software provider Cimteq Limited.
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. CableMES is a recently released software product utilising the latest industrial Internet of Things (IoT) technology to optimise large-scale cable manufacturing operations.
With a global client base, Cimteq is recognised as an expert and market leader in its field. Cimteq was founded in 1998 and is managed by Ali and Amanda Shehab, who have extensive prior experience within the wire & cable industry, having worked at BICC Cables, formerly one of the world’s largest cable makers.
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.
This transaction completed in 2018 and was the 13th investment by the £58 million Foresight Regional Investment Fund (FRIF), focussed on North Wales and the North West of England. At the time of the deal, the Fund – backed by local institutional investors including the Clwyd Pension Fund – had 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.
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.”