Company said in July that it wanted to acquire small and medium-sized marine technology companies to take “advantage of the continuing growth in the salmon farming and aquaculture industry.”
In a London Stock Exchange announcement, OTAQ, marine technology products and solutions group for the aquaculture industry (especially salmon farming as well as the offshore oil and gas industries), writes that it has aquired ROS Technology.
Founded and managed by Dr Peter Robinson, ROS Technology is a Lancaster-based technology business which specialises in electronics and mechanical design in multiple industries including aquaculture and offshore.
OTAQ develops SealFence, a deterrent system designed to deter seals and sea lions from salmon farms. It has a 42 per-cent market share of predator-defence technology in Scotland, and is aiming for the same in Chile. Scottish Sea Farms and Multiexport Foods are amongst some of its clients.
OTAQ acquired the trade and assets of the company for a consideration of up to GBP 300,000 to be satisfied from existing cash resources. The acquisition consideration comprises initial consideration of GBP 225,000 and up to a further GBP 75,000 of deferred consideration, payable in two instalments of GBP 37,500 over the next two years, subject to certain criteria.
“The acquisition will add existing revenue-generating contracts and greatly enhance OTAQ’s aquaculture R&D capability as the company looks to broaden its product offering,” wrote OTAQ.
As part of the acquisition, Dr Peter Robinson will join the company and have responsibility for the continued development of the acquired ROS Technology products as well as joining the existing OTAQ R&D team. Robinson is a founder of OTAQ and designer of the original SealFence product.
In July, Non-Executive Chairman of OTAQ Alex Hambro said that the company objective was “to continue development and contracts with SealFence, while also looking to acquire small and medium-sized marine technology companies, taking advantage of the continuing growth in the salmon-farming and aquaculture industry”.