unw has its fingerprints all over biometrics investment deal
A biometrics reader - capable of scanning fingerprints at temperatures as low as -20 degrees and through some latex gloves – will go into production after its North East developer received a £150k cash boost.
With advice from corporate finance specialist unw, North Tyneside-based iEvo has become one of the first beneficiaries of the much publicised £125m Finance for Business North East Fund, formerly known as JEREMIE .
The Killingworth company will use the six figure investment, which came from the North Star Ventures scheme’s £20m Accelerator Fund for early start-ups, to get the product - which can also obtain fingerprints through grease, dust, dirt and make-up - manufactured in the North East.
The security reader, the only one of its type in the world, will first be sold in the UK, with managing director Shaun Oakes and operations director Stuart Ging then targeting exportation to the US and Europe towards the end of this year.
iEvo is the first Finance for Business North East Fund success for Newcastle-based unw, which is currently advising a further six North-East businesses on how to access the £125m pot.
iEvo managing director Shaun Oakes said: “We spent 18 months researching and developing our own biometric control reader which has far superior qualities than the three market leading ones manufactured by companies in the Far East.
“What makes our reader unique is that it won’t be harmed by the elements, it has a built in temperature thermostat control system so it works down to -20 degrees and is vandal resistant. There are lots of biometric finger print readers around but they are unable to scan through dirt, dust and some types of latex gloves and ours can.
“We are really grateful to the team at unw who were absolutely instrumental in helping us access this North Star investment, which will allow us to manufacture in the North-East and us to target many more markets.”
unw corporate finance partner Neville Bearpark said: “Although unw is working on a number of Finance for Business North East applications, it’s good to see our first one being successful so quickly after the fund launched.
“Shaun and Stuart have invested much of their own personal resource into getting iEvo to where it is now but what this fund has done is given them the wherewithal to start selling it. This is just the sort of venture this fund was established to assist.”
North Star Ventures investment manager Alex Buchan said: “We have known about IEvo for quite some time and we have always been interested in it because we think it’s a good product and the business has a sound management team.
“Now Shaun and Stuart have further developed it we feel that it has good traction in the marketplace and iEvo is precisely the kind of business that these funds are directed at.”
Legal work on the deal was completed by Newcastle law firm Sintons LLP.
Sintons LLP corporate finance partner Matt Collen said: “Sintons LLP was delighted to help iEvo be one of the first companies to secure funding of this sort in the region. Shaun and Stuart's enthusiasm for their product shines through and we wish them every success in the future.”
Picture caption:
In front of glass: unw partner Neville Bearpark (finger on reader) and Sintons LLP corporate finance partner Matt Collen.
Left to right behind glass: North Star Ventures investment manager Alex Buchan, IEvo operations director Stuart Ging and IEvo managing director Shaun Oakes.
Other 2010 news
-
Private equity returns to invest in the region
unw dealmaker Paul Kaiser has completed his first major transaction since returning to the North East having advised recruitment consultant Nigel Wright Group on a substantial multi-million pound investment by a US private equity firm.
-
The future of UK GAAP
On 29 October 2010 the ASB (UK Accounting Standards Board) issued a new standard that will fundamentally change the financial reporting of entities not currently applying the EU adopted IFRS.
-
Childcare vouchers - new update
HMRC recently issued an update regarding operating the proposed new rules for the provision of childcare vouchers which take effect for new joiners to employer childcare voucher schemes from April 2011
-
Dental practice acquisition is a family affair
Alan Suggett makes it a family affair after advising his son, Nigel, on the recent purchase of his dental practice
-
HMRC attack on private use of company vans
HM Revenue and Customs (HMRC) are stepping up their campaign to increase the amount they are collecting in PAYE and NIC and we are seeing an increase in activity, particularly from employer compliance teams looking to target specific areas.
-
Historic Chapmans enjoys new lease of life with unw advice
A fifth generation furniture retailer is creating windows of new business opportunities after undergoing a strategic planning project with business advisors unw.
-
NIC Saving Opportunity - car cash allowance
Following a recent court case in favour of the taxpayer, the opportunity exists to reclaim employers NIC for previous years which has been paid on cash allowances given in lieu of a company car to run their own private cars.
-
Ramsdens strikes gold with unw advice
unw recently assisted Ramsdens Financial to secure a "substantial multi million pound" funding facility
-
unw Raises £5,000 for ill and disabled children
Needy North East children will receive over £5,000 to buy vital equipment after a team from unw peddled almost 150 miles over the bank holiday.
-
unw Saddling up for Sunshine Fund Coast 2 Coast cycle
unw team of 14 due to set off to raise funds for the Evening Chronicle Sunshine Fund
-
Audit Update - iXBRL
From 1 April 2011, all companies and organisations will need to file their Company Tax Returns online.
-
Economic Insight July 2010
Monthly briefing from ICAEW's economic advisers
-
New tax partner for unw
Lee Muter joins as employment taxes partner
-
Top adviser returns to the region after brokering a deal with unw
Paul Kaiser appointed head of unw corporate finance lead advisory team
-
Post Election Budget June 2010
unw's Post Election Budget Summary is available for you to download
-
unw has its fingerprints all over biometrics investment deal
i-Evo receives key funding from Finance for Business NE Fund with the help of unw
-
unw advice was first source for Firstsource
unw helps Firstsource secure £1.9m grant to create up to 500 jobs
-
Jobs boost as aircraft carrier accommodation remains in the North East
unw credited with providing critical advice to Hertel Technical Services to secure naval contract and jobs in the North East
-
International Financial Reporting Standards for SMEs
UK Accounting Standards Board to converge with IFRS
-
unw Helps Chris fulfill Uganda charity trip
Chris Wood made the trip of a lifetime to complete a vital financial health check for a Ugandan charity.
-
unw completes new deal for corporate finance executive
unw Corporate Finance department welcomes a new team member
-
PAYE Penalties
Late payment penalties could be charged on any PAYE amount due if it isn’t paid in full on time
-
Firm gets teeth into more work
unw is getting its teeth into new business across the UK as the firm takes its dental business expertise to the capital and beyond.
-
The Budget 2010
Following Alistair Darling's pre Election Budget delivered yesterday, we offer a concise summary of the main tax issues for you to download.
-
VAT cheque payments by post - Important Changes
HMRC announce important changes to payment of VAT
-
Firm saves 60% by outsourcing accounts
A North East architectural group says it has shaved 60% of its accounting overheads after switching from an in-house financial director to external chartered accountancy firm unw.
-
10 Things you didn't know about unw
A list of 10 things you didn't know about us!
-
Farmers energised by advisers
Sisters Heather Hogarty and Fiona Teasdale are feeling ‘energised’ about their Northumberland visitor’s centre after carrying out a fast-track strategy session with chartered accountants unw.
-
Croft Technology takeover will be a one-stop shop for IT
unw Corporate Finance recently assisted TSG in the successful purchase of Croft Technology
-
Painful Extractions
Over recent years, HMRC have become increasingly interested in the company law elements of dividends.
-
Nearly £60m of grants secured by unw team
unw has increased the value of grants for its clients to nearly £60m in the last year.
-
Temporary first year allowance
To encourage investment in the current economic climate, an extra capital allowance is available on a temporary basis
-
Extra Bank Holiday announced for 2012
The Queen’s Diamond Jubilee will be marked by an extra bank holiday in 2012, it was announced this week.
-
Royal Mail - Possible VAT reclaims
Possible retrospective VAT recovery on postage costs (paid to Royal Mail)
-
Selling your practice - use tactics!
Corporate dental chains have shaken up the dental industry in many ways and one is the valuing, buying and selling of dental practices. When corporate acquisition teams flush with investors’ capital start knocking on dental practice doors, a re-eva
-
unw Commentary on Pre-Budget Report 2009
Chancellor Alistair Darling presented his Pre-Budget Report on Wednesday 9 December 2009.
