Independent technology investment and management group, far blue is to set up an Edinburgh office, less than nine months after establishing its Glasgow base. The office will be headed by IT professional, David Hamilton, who was previously responsible for the management and development of the Lanarkshire Business Centre.
Expansion into the Scottish capital will add considerably to the breadth of scientific and technological knowledge within the company, said Lynne Cadenhead, director and head of far blue in Scotland.
“It underscores our commitment to target rapid investment in innovative technologies, particularly those emerging from academic and research institutions throughout Europe,” she said.
The far blue investment arm channels capital into early-stage technology companies. Preferred emerging technology areas where far blue has the greatest expertise, include: data storage and transmission; networks; optoelectronics; telecoms; wireless and Internet infrastructure; and imaging and displays.
The firm is currently looking for technology-based businesses to acquire and turnaround. With the slump in technology stocks and valuations at the lowest they have been for several years, there has been a wave of companies that need to restructure and rewrite their business and sales models, something that far blue sees as an exciting opportunity.
Matthew Hudson, chief executive officer of far blue, said: “We are looking for technology-based companies to acquire and turnaround. We have built far blue by investing in fundamental technologies and creating companies around IP. The methodologies and expertise needed for this business creation model are very similar to those needed to turnaround companies, often involving whole scale revision of business plans and execution processes.”
A recent acquisition for the firm is Polaris Telemetry, the building systems developer. far blue originally invested in the home automation and infrastructure technology behind the company. It has since restructured the business and built a strong infrastructure on which to grow. far blue recently completed the entire acquisition of the company and, having moved the sales model away from reliance on direct sales to an OEM or licensing model, it is concluding a series of significant new contracts from major telecom operators and network companies.