A Rotherham company whose technology finds workers in an emergency has been sold in a deal that netted Finance Yorkshire more than double its £1.6 million investment.
S3 ID was the first company to receive equity-linked funding from Finance Yorkshire.
The European Union-backed organisation, which bridges the finance gap for potentially fast-growing Yorkshire businesses,took a 25 per cent stake in 2011.
Now, CSE Global has bought out Finance Yorkshire and taken a 75 per cent stake S3 ID, valuing the company at £10 million.
The new owners are a Singapore-based systems integrator and state-of-the-art technology group that is run by Sheffield businessman Alan Stubbs and has operations in Eckington.
S3 ID has developed a range of products, including safety helmets, badges and beacons with embedded Radio Frequency Identiﬁcation - Rfid - and Global Positioning System - GPS - technology.
Applications include site security and the ability to instantly identify where employees are in an emergency – including automatically registering their presence at mustering stations.
Customers include the oil, gas, petrochemical and energy sectors.
The technology is the only system capable of pinpointing an individual’s location in three dimensions, that also has an ATEX certification, which means it is safe to use in environments where there is a risk of explosion caused by flammable gases.
Earlier this month, S3 ID took the Design And Innovation Award at the Sheffield City Region Business Awards, organised by The Star.
S3 ID chief executive, Derek Gennard, said: “The Finance Yorkshire team worked hard with us in the early days and their advice and investment was a key factor in our success.We have created nearly 30 permanent jobs in the South Yorkshire region as a result.”
Finance Yorkshire portfolio director, Ian Brown, said: “S3 ID is a fast-growing company which has genuine prospects for further growth.”