IP3 Technologies has been acquired by the Canadian company Processia Solutions.
IP3 Technologies has been acquired by the Canadian software company Processia Solutions.
Coventry-based IP3 Technologies is a computer aided engineering and design company focussing on the automotive and aerospace industries.
Established in 2001, the company generated sales of around £500,000 for year-end 2009. Its customers include the Renault F1 team and Honda UK Manufacturing. The acquisition was for an undisclosed sum.
Processia Solutions is a software company designing products for industries including aerospace and life sciences. The Canadian company also works in the Formula One industry and is an official partner of the Renault F1 and Vodafone McLaren Mercedes F1 teams.
Founded in 2000 Processia has a staff of around 50 consultants and has offices in the UK and France.
Processia Solutions was advised on the deal by the French corporates group at the UK law firm Cripps Harries Hall. IP3 Technologies was advised by Ramsdens Solicitors.