Foresight invests £2.5m in Cimteq

The GP drew capital for the investment from the £58m Foresight Regional Investment Fund, which focuses on north Wales and north-west England.

Foresight has introduced former Fujitsu Computers managing director Bryan Taylor as non-executive chairperson at Cimteq. The company will look to increase its headcount following completion of the transaction.

Company
Founded in 1998, Wrexham-headquartered Cimteq develops modular software for the wire and cable manufacturing industry. The company currently offers two software products: Cablebuilder, which facilitates the design of cables; and manufacturing execution platform CableMES. Cimteq currently has a headcount of 22.

People
Foresight Group – Matthew Pomroy (investment manager).
Cimteq – Ali Shehab (CEO).

Advisers
Equity – HRC Law (legal); Mitchell Charlesworth (financial due diligence); Luminii Consulting (commercial due diligence); Catalysis Advisory (management due diligence); Intuitus (IT due diligence).

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