Audio compression company APT has been acquired in a management buyout and is enjoying an injection of new capital.
Audio Processing Technology, based in Northern Ireland, says it secured equity and debt funding to complete the buy from former owner Solid State Logic. Equity was from two venture capital companies as well as Managing Director Noel McKenna and Commercial Director Jon McClintock, who had begun the negotiations with SSL in January. Bank of Ireland provided the debt funding.
“The deal will enable the company to boost its sales and marketing activities and to continue to fund research into new technologies that will benefit its customer base,” it stated in the announcement.
APT is the developer of the apt-X algorithm. It makes codecs and licenses its algorithm to others; it says one of its growth businesses is licensing apt-X to the consumer industry for use in wireless headphones and wireless rear speakers for home theatres.
McKenna said, “We will also be tackling multichannel applications for embedded audio into video and increasing our licensing portfolio for the professional and consumer audio markets. These areas have huge potential.” He said APT plans to add 10 employees in coming months.
Managers Buy Out APT With VC Backing
Managers Buy Out APT With VC Backing
