TLT has advised on the sale of Senceive Limited, a world-leading developer of wireless condition monitoring systems, to Canadian headquartered Eddyfi NDT.
Eddyfi NDT, a global provider of non-destructive testing technologies, acquired Senceive in significant transaction that further broadens the company’s international product portfolio in the area of diagnostic structural health monitoring.
Senceive was originally formed in the research labs of University College London, and the transaction provides an exit for UCL Business Ltd, UCL’s IP commercialisation company , together with The Combined London Colleges University Challenge Fund, which invested in Senceive in its early stages.
The TLT team, led by corporate partner Jon Gill, included legal director Dan Whitewood, solicitors Matt Howells and Nav Mesbah, and trainee solicitor Olivia Curtis (corporate); partner Ben Watson, legal directors Mark Braude and William Ngan (tax); and partners Esther Smith and Paula Cole (employment).
Jon Gill, partner at TLT, says:
“We were delighted to support Graham Smith and his team at Senceive on this landmark transaction, which highlights the world-leading nature of high growth technology ventures created from the UK’s university research base and their strategic fit with ambitious global companies such as Eddyfi.
“The M&A market is particularly strong at present as businesses look to position themselves for the anticipated post-pandemic boom, especially in the technology sector, and this transaction underscores the opportunities that this is creating at present.”
Graham Smith, CEO of Senceive, says:
“It has been a pleasure working with Jon and the team. Any acquisition or divestment process always has its challenges and can at times be a little fraught as part of the negotiation. Jon provided a ’professional calm’ to those moments and enabled both sides to feel we reached the right contractual balance. I would not hesitate to recommend him and the team to any others involved in a similar transaction.”
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