TSSI, the security solutions provider, announced that a group of shareholders led by executive chairman Danny Chapchal and non executive director Lord Young of Graffham have completed the acquisition of the company.
The investment team led by Danny Chapchal acquired TSSI when its parent company Scipher plc went into administration in June 2005. The £3.3 m acquisition was structured as a £1.3 m upfront payment and a £2 m deferred consideration over four years.
Chapchal reports that his goal as executive chairman has been to develop the profile of TSSI in its target markets worldwide and improve the commercial exploitation of its intellectual property portfolio.
In the last 12 month, reports TSSI, it has won a number of contracts: in Mexico it has won a deal that protects 300,000 vehicle emissions certificates a month against fraud, while in Korea it has won a deal to supply more than five million telephone cards per year to the national telecom operator Korea Telecom.
What they say
"Danny Chapchal and I have worked together on a number of tech start-ups and early stage businesses. I am delighted to work with Danny again and the management team at TSSI to put the company on a sound financial footing," said Lord Young of Graffham, non executive director, TSSI.
"The new investment leaves the company debt free and well placed for growth worldwide. The security climate means that TSSI is seeing strong opportunity for its portfolio of security products from around the world," said Danny Chapchal, chairman, TSSI.
TSSI, based in Swindon, specialises in the development of products in document verification, fingerprint biometrics and identification.
