Fotech Solutions Limited (“Fotech”) has been sold to BP plc (“BP”) [BMV: BPN], a British multinational oil and gas company, by EV Private Equity (“EVPE”).
Fotech is an innovative technology company focused on developing and deploying advanced fibre optic sensing targeting the security, smart cities, and oil and gas sectors. It develops and deploys integrated hardware and software solutions that interpret and convert light signals from fibre optic cables into data that can feed analytics solutions. Fotech was founded with an investment from EVPE, a Norwegian private equity firm, in 2008.
The deal is a first for BP’s business-builder, Launchpad, and will help the company target both sides of the dual challenge: more energy from more efficient production of oil and gas and more sustainable energy systems through smart city strategies and opportunities.
EC M&A acted as exclusive financial advisor to Fotech on this transaction.