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North Shields based gaming electronics company Innocore, has been sold to Advantech, a Taiwanese listed electronics giant.

Specialising in the design and production of industrial computer boards and systems for gaming applications, Innocore is the world’s leading independent company in its field.  Typical applications include video slot machines, video lottery terminals and kiosks.

The company will be re-named Advantech-Innocore.

Innocore is one of the region’s international success stories thanks to its world class, UK designed products which it sells around the globe and, in a recent survey by The Sunday Times, it was the only North East firm to be listed in the top 100 fastest growing technology companies.

The company’s success was also recognised in 2009 when managing director,  Edward Price, was awarded both the ‘Venture Capital Chief Executive of the Year’ and ‘Best International Impact’ awards by BVCA - the leading industry body and public policy advocate for the private equity and venture capital industry in the UK - in its regional awards.

A truly global organisation, with sites in the USA, Netherlands and Taiwan as well as the rest of the world with partner organisations, Innocore has enjoyed year on year growth since the company was formed in 2007 and, according to Edward Price, further growth is anticipated.  He said

“I am delighted and very proud to announce this monumental development in Innocore’s history.  Since 2007, we have designed and taken to market a number of new products which allowed us to strengthen our position in the market place.  Going forward, I am looking to build on that and increase the volume of sales by working with larger clients, which I am confident will give us future growth.

“As part of Advantech-Innocore we can do things that we only dreamed of in the past.  The combined engineering R&D team, of more than 600 people, will allow us to expand and accelerate our product roadmap as well as take on limitless custom projects.  I look forward to seeing many of our customers at G2E to introduce the new company.”

Innocore was advised on the deal by Steve Plaskitt of Tait Walker Corporate Finance and Duncan Reid, Watson Burton, both of whom provided advice on the original buy out three years ago.

Steve Plaskitt, partner at Tait Walker Corporate Finance, said “Edward has built a great business at Innocore and its world class reputation was one of the attractions for Advantech. This deal demonstrates how overseas companies don’t shy away from looking to the North East when seeking to acquire successful businesses.”

Duncan Reid of Watson Burton said “This is an important deal which helps us further establish the North East as a key player within the UK for attracting international business. As legal advisors, we negotiated the complex documentation surrounding the acquisition. Its successful completion is the beginning of an exciting new era for Innocore.”

This latest deal represents an exit for regional venture capitalist, NEL Fund Managers, which backed the creation of Innocore in January 2007.

NEL Fund Managers’ David Whitmell said: “Innocore is a perfect example of how an excellent management team, backed by a supportive investor like NEL, can build a highly successful company].”