The deal was backed by Midlands-based venture capitalist Catapult Venture Managers, which invested £1.45 million, with senior debt from The Co-operative Bank.
The acquisition team comprised Mervyn Robertson, the founder of the business, and incoming CEO Glenn Tookey, a former director at broadband provider Telewest.
The BIMBO will enable the company to launch its new product, a mobile phone with text-to-speech and screen magnification features. Says Tookey, ‘Our new product is potentially life changing for people with learning difficulties and visual impairments.’
Marie Wood, a business development manager at The Co-operative Bank, says the deal is a good fit with the bank’s ethical policies.
Wood adds, ‘We are in a strong position to provide funding for existing and new customers, unlike some other lenders who seem to be more reluctant to provide funding at this current time.’