University spin out sold
Software company Kelvin Connect has been bought by Airwave Solutions for an undisclosed seven-figure sum.
The University of Glasgow spin out, established in 2002, specialises in mobile data capture systems which are used in police forces and in healthcare.
Airwave, which provides communications for the emergency services, made a £1m investment in Kelvin Connect three years ago.
As part of the deal the Glasgow business will retain its independent identity and the 30 staff will remain on board.
Meurig Sage, technical director of Kelvin Connect and a former research assistant at the University, said: “It has taken us eight years to get to where we are; this is a great opportunity for us to move the company forward into a new stage of development."
Simon Hardy, chief executive officer of Kelvin Connect, is leaving his post but will remain on the board as a non-executive director.
He said: “The acquisition of Kelvin Connect by Airwave represents a great result for the company and an opportunity to take it forward with access to far greater resources.
"It confirms of the quality of the products and services we offer but also the pressing need for them by customers under great pressure to reduce costs.
"From the University of Glasgow’s point of view, the sale represents a very successful exit from this spin-out company and at a very difficult economic time for business."
McDonald Henderson represented Kelvin Connect during the negotiations.