Imagination Technologies has sold digital radio manufacturer Pure to an Austrian investment company, AVenture GmbH.
The sale, for £2.6m in cash, is due to be completed on 30th September and is done so as a going concern.
The purchase of Pure marks AVenture GmbH first investment both in a consumer electronics brand and in the UK. Pure, which was established in 2002 and employs around 65 people will keep all existing staff in place.
Markus Steck, director at AVenture GmbH, comments: “The experience, knowledge and capability of the team, its enviable customer base, reputation and the strength of the current product portfolio alongside its roadmap are all key to Pure’s future.”
Commenting on the deal, Pure’s general manager, Paul Smith said: “We have an ambition to grow, and under the umbrella of AVenture, we can achieve that. The future for DAB+ across Europe is extremely exciting and Pure is a leading brand in a rapidly growing market, driven by geographical adoption and digital switch over. We have a strong vision for the future with innovation at the heart of this, giving Pure a unique opportunity within the market.”