Swedish eye tracking business Tobi has sold its assistive technology Smartbox business to CareTech, which provides specialized social services for adults and children with special needs, following an order by the UK Competition and Markets Authority (CMA). The price paid was £13.4m.
Tobii paid £11m two years ago for UK-based Smartbox, which develops communication aids and software for people with disabilities. The CMA immediately opened an investigation of the deal under UK competition law, and the two companies' brands and operations have since been held separate.
The sell-off includes a £3.55m cash earnout depending on targets for gross profit over the next 12 months; and £2.8m in net cash and net working capital adjustment.
Following the sale, Tobii and Smartbox will operate in the market for assistive technology for communications - both as competitors and as partners. Tobii CEO Henrik Eskilsson (pictured) comments: 'We regret CMA's decision which forces us to sell Smartbox, but are pleased that we have reached an agreement that likely will allow us to receive the purchase price back, while Smartbox ends up with a suitable and responsible owner. We are convinced that CareTech will take good care of the company, its employees and the users, and we look forward to continue to work side by side with CareTech to drive the industry for assistive technology for communications forward'.
Web sites: www.tobii.com , www.thinksmartbox.com and www.caretech-uk.com .
All articles 2006-23 written and edited by Mel Crowther and/or Nick Thomas, 2024- by Nick Thomas, unless otherwise stated.