A Scottish telecoms testing company has acquired an Irish rival after securing an undisclosed amount of funding from alternative finance specialist ThinCats.
Calnex Solutions of Linlithgow has taken over Belfast-headquartered JAR Solutions in the move that will expand the Scottish firm’s product portfolio. The money from ThinCats will also help support the continued expansion of the combined operation.
Calnex provides R&D test solutions for telecoms technologies. It serves customers in more than 45 countries, including many of the largest telecom companies in the world.
“ThinCats fill an important gap in the market for ambitious SMEs that are looking for a competitive source of funding to drive acquisitions and growth,” said Tommy Cook, chief executive of Calnex.
“The quantum we required sits somewhere between angel investment and venture capital, so we are pleased that an alternative finance provider has emerged that is aligned with our business and supportive of our plans to scale.”
Calnex was set up in 2005 by Cook, who spent 20 years with global electronics firm Agilent. Its technology allows equipment manufacturers to test, verify and validate their products’ compliance with international standards.
Set up in 2011, ThinCats specialises in helping companies looking to borrow between £100,000 and £5m.