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Cambridge wireless firm sold for up to £10 million

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Zimiti, a Cambridge-based technology company which specialises in wireless control, monitoring and sensor systems has been sold to Digital Barriers PLC, a homeland security specialist, for up to £10 million.

Zimiti’s technology is used by customers that need to exchange information securely and wirelessly between small devices over ranges of up to 2km. BP is interested in using it to create a low-cost way of protecting pipelines. This has created further market interest and the company believes it needs a well-funded partner to take it through to the next level.

Frank Lawrenson, founder of Zimiti, said: This is a significant day for the ‘British Tech Industry’. ..The company has been purchased by another British business who are well capitalised, have an excellent management team and well placed to see this technology fulfil its potential. It is my belief that this area of communications will be worth billions over the next twenty years and has not only the potential to significantly change the way we work and live, but also to protect us and our environment from harm.”

Zimiti was recognised for its technological developments by the Consumer Electronic's Association "Best of Innovator's" Award. Mr. Lawrenson also called for significant financial or tax incentives for entrepreneurs to grow companies that will employ large numbers of people and generate taxes and exports.

Last Updated ( Tuesday, 21 June 2011 07:45 )