HMT advised the Tendeka Board on the disposal of the industrial monitoring business of its London-based fibre optic monitoring subsidiary, Sensornet Ltd, to the Nova Metrix LLC, a company that serves the global test and measurement market. Tendeka will retain exclusive access to Sensornet products within the upstream market segment.
Sensornet, which is now fully industrial and downstream following the integration of upstream fibre optic monitoring into Tendeka, incorporates systems for power, environmental, industrial and fire monitoring.
Tendeka’s reservoir monitoring portfolio incorporates digital and wireless monitoring solutions for water injection, oil production and gas lift optimisation in both permanent completions and intervention campaigns.
Tendeka CEO Gary Smart said the sale of Sensornet’s industrial business to Nova Metrix was a logical step as it permits Tendeka to focus on the significant growth of its core upstream business. Nova Metrix, which specialises in asset monitoring products and services, is ideally placed to take Sensornet’s industrial business to the next phase of growth.
Alan Pearson, Tendeka CFO, commented:
“HMT were instrumental in the preparation and drafting of the IM with Tendeka and locating a number of clients to be involved in the sale process and selection of an appropriate buyer.”
“HMT worked very closely with management at Tendeka throughout the process and in particular the early negotiations with Nova and ensuring due diligence went smoothly.”
Andrew Thomson commented:
“We are delighted to have advised Tendeka on this transaction, which allows the vendors to focus on their core business functions and provides Nova a growing niche business that will offer a great platform in the UK.”