ProVen Legacy has successfully secured the early repayment of £500,000 of debt funding from the manufacturer of body worn cameras as part of the acquisition
London, 10 October 2018: Edesix, a global provider of wearable security hardware and software, and the UK’s leading manufacturer of body worn cameras, has been acquired by Vigilant Solutions, an AI and data analytics company that provides technology to public safety.
As part of the deal, ProVen Legacy, a specialist debt provider to scaling businesses, has successfully secured early repayment of a £500,000 facility provided to Edesix in April and June 2018, generating an attractive return for its shareholders.
Founded in 2002, Edesix grew to become the UK’s leading manufacturer of body worn cameras. Its wearable camera technologies enabled recording of high-quality video and encrypted footage, with customers including leading security firms, such as G4S, transport groups, such as ScotRail, and law enforcement bodies such as Police Scotland and West Midlands Police.
ProVen Legacy provided a debt funding facility worth up to £2m to Edesix to support the business as it scaled in the UK and internationally. Its substantial growth in the past three years led to its inclusion in the Tech Track 100 2018, a ranking of the UK’s fastest-growing tech firms compiled by the Sunday Times.
“ProVen Legacy supported Edesix as it took the final and significant steps of its journey as an entrepreneurial business,” commented Mark Taylor, Partner, ProVen Legacy. “This acquisition is recognition of its leadership in the UK in a rapidly expanding market and its growing international presence – we intend to back further success stories like Edesix as we grow our funds.”
ProVen Legacy is advised by Beringea, a transatlantic investor with decades of experience of successfully investing in entrepreneurial companies through the ProVen VCTs. ProVen Legacy helps its investors to mitigate inheritance tax through Business Property Relief, which enables investors to benefit from up to 100 per cent inheritance tax relief on the value of their shares, provided they have been held for at least two years and at time of death.
ProVen Legacy will provide debt funding up to £5m to scaling companies that have demonstrated successful and resilient growth during the later stages of their entrepreneurial journey. Its other investments include Celoxica, a London-based fintech firm, Cogora, one of the leading marketing platforms in the healthcare industry, and TH_NK, an innovative digital transformation business.
“The Edesix team is thrilled with the acquisition by Vigilant Solutions, which has been at the forefront of machine vision and machine learning technology innovation in the public safety community for years,” said Richie McBride, CEO of Edesix.
“Vigilant Solutions is excited to enter the body worn and in-car camera markets,” said Shawn Smith, Founder and President of Vigilant Solutions. “Edesix has a strong global footprint, which includes more than 20,000 body camera deployments across several industries and five continents. This acquisition allows us to continue to build Vigilant’s global brand.”
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