25 Mar 2008
ICON advise on the sale of the business and assets of Splashpower Limited in Administration ("Splashpower" or "the Company") to Fulton Innovation, a subsidiary of Alticor Inc. based in Ada, Michigan USA.
Cambridge based Splashpower is a leader in wireless power technology development and a public pioneer and early champion for commercialization of wireless power solutions. Its inductive charging technology enables power to be transferred without wires to a range of mobile devices.
The Company was founded in 2001 and has previously received significant investment from Balderton Capital (formerly Benchmark, Europe) and Silicon Valley Bank amongst others.
ICON was retained to run a global marketing campaign to elicit offers for the business and assets according to an extremely aggressive timescale which resulted in multiple bids being received for the Company and from which process, Alticor was chosen as preferred bidder.
Commenting on the deal, Alan Bristow, CEO of ICON said: "We were extremely pleased by the level of interest and number of offers we received from global companies which reinforces the quality and the breadth of the Intellectual Property developed by the Splashpower team over the last seven years as well as the commercial opportunities for wireless power solutions. Given the obvious complimentary technologies, operations and patent portfolios, we are confident that the combination of Splashpower and Alticor should greatly enhance the speed at which wireless power technologies are delivered to the market and hence the pace at which they become pevasive features in future consumer electronics devices."
Alticor owns Fulton Innovation, the exclusive licensor of eCoupled(TM) Intelligent Wireless Power technology and the acquisition reinforces Fulton's leading position in the rapidly growing wireless power industry by expanding both the breadth and depth of Fulton's substantial patent portfolio, comprised of over 250 patents granted or pending worldwide.
"Today's acquisition reaffirms Fulton's commitment to the continued development and commercialization of wireless power," said Dave Baarman, Director of Advanced Technologies for Fulton Innovation. "By combining our own robust patent portfolio with Splashpower's, we continue to strengthen and expand our capabilities in the development of wireless power as well as our global presence."
About Fulton Innovation and eCoupled(TM) Technology
A subsidiary of Alticor, Fulton Innovation is dedicated to commercializing new and innovative technologies that improve the way we live, work and play. Fulton is working with a wide range of industry-leading companies to integrate eCoupled technology into infrastructure and electronic devices to enable consumers to live a truly wireless life.
The engineers behind eCoupled have been developing, advancing, and perfecting the technology for over 10 years. eCoupled technology has been incorporated into Amway's eSpring(TM) water purification devices for seven years, with over 1.5 million devices sold in over 36 countries worldwide to date.
Alticor employs more than 13,000 people worldwide, including over 450 engineers and scientists. Alticor has sales of more than $7 billion annually. It is headquartered in Ada, Michigan and has operations in more than 80 countries and territories worldwide.
