Paragon Group, a leading provider of technology-driven business solutions across Europe and globally, has announced the acquisition for an undisclosed sum, of the trade and assets of Magnadata International Ltd (Magnadata), which was placed into administration on Thursday, July 30.
The Boston firm specialises in the development and manufacture of security and access control media including magnetic, smart tickets and tags.
Following the acquisition, which was managed by the appointed Administrators at international accountancy firm Mazars, Magnadata will form part of BemroseBooth Paragon subsidiary.
The addition of Magnadata will secure Paragon’s position as the leading magnetic and RFID provider globally within the mass transit sector, reinforcing its commitment to expanding its Access Control and Traceability Solutions Division and increasing this division to revenues in excess of €75 million.
General manager of Paragon’s Access Control and Traceability Solutions Division, Dominique Durant, said: “We see many advantages with this acquisition.
“For our customers, this market consolidation ensures stability of supply and for the group it improves our ability to service our existing and prospective client base with innovative products and technologies. This acquisition positions Paragon as the global market leader in smart access control solutions.”
Former chief executive officer of Magnadata Group, Roy Colclough said: “While I am saddened that we could not continue to operate under the previous structure, I am pleased that we have been able to save over 90 jobs and find an owner for Magnadata that has the same ambition and drive, along with the commercial stability, to achieve our vision.”
Robert Adamson, restructuring partner at Mazars, said: “We are delighted to complete the sale of Magnadata to BemroseBooth Paragon and secure jobs. We wish them every success as they look to rebuild Magnadata.”
Magnadata has been in operation since the 1980s, having won the Queen’s Award for Technology in 1989 for its initial product development.
The company’s principal activities are the manufacturing of passenger transport ticketing (magnetic and RFID) for ground, air and other related mass transit systems as well as the production of tags and tickets for use within commercial, security and food industries.
Paragon’s Access Control and Traceability Division includes Paragon Identification in France and Romania, Bemrose Booth and Magnadata in the UK, with a combined turnover of €75million and 400 employees.