IP Group to become major shareholder
COE Group plc, the developer and supplier of advanced video surveillance systems, announced that IP Group plc, the intellectual property commercialisation company, had agreed to be lead investor in a proposed fundraising of circa £1M. At the end of July, IP Group's market capitalisation was £311 million, and at the end of May it had cash of £57 million.
Andrew Wallace, Chief Executive of COE Group, said: "We are delighted that IP Group sees the potential growth in COE. This transaction endorses COE's technology and prospects while financing expansion and potential acquisitions by COE Group. IP Group's 45 technology investments include several which will launch their products into the surveillance and counter-terrorism markets, and COE provides a route to market and a development partner for this expansion."
Alan Aubrey, Chief Executive of IP Group, said: "We are extremely excited by the growth prospects for COE and are particularly impressed with its international reputation for complex video surveillance systems in demanding environments. COE's management has made excellent progress and we are very much looking forward to working with them."
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