Tuesday morning it was confirmed that the Lanchester based aqua group has been taken over by the London based investment firm, Hertsford Capital.
The takeover includes equity placing raising EUR 1.7 million, reports The Business Desk.
OTAQ designs technology products and solutions for the global aquaculture, especially salmon farming industries, and offshore oil and gas industries. The main product Sealfence improves the yield for the salmon farming industry by using acoustic technology to reduce the density of predator attacks.
The marine group is now planning the future, which might contain a name change for Hertsford Capital to OTAQ PLC. Alex Hambro will assume the role of non-executive chairman and Sara Gills continuing as a non-executive director.
OTAQ has 42% of the market share of predator-defence technology in Scotland. Some of QTAQ’s clients are The Scottish Salmon Company, Mowi, Scottish Sea Farms and Multiexport Foods.