UWB Sensor Company Finalizes Deal with Birmingham-based Investor Group
Huntsville, Alabama (July 15, 2014) – Time Domain, a leader in ultra wideband (UWB) products and services, announced today that the Company has been acquired by a private equity group led by Bonaventure Capital and Fidelis Capital. The terms of the deal were not disclosed.
Time Domain is a leading provider of small, low-power UWB ranging radio and radar sensors which wirelessly measure distance, send data, and detect people and other objects of interest. The Company’s products are marketed and sold as OEM modules under the brand name PulsON® to system integrators in the commercial, industrial, academic, and defense sectors. The sale includes the PulsON product line, more than 90 technology and application patents on the UWB technology, and all related assets.
“We are thrilled to partner with Bonaventure and Fidelis, and plan to leverage their experience and expertise as we grow our business,” said Rachel Reinhardt, CEO of Time Domain. “Our value proposition centers on the ability to provide real-time location information with high precision and reliability, particularly in industrial applications where such knowledge can be used to prevent accidents, reduce down-time, and increase safety for operators. Our new ownership understands these markets well and can offer valuable guidance and support. This will be invaluable as we scale our business to address higher volume opportunities in the commercial space.”
“Time Domain’s PulsON module is the world’s premier ranging radio and has been steadily gaining adoption among product developers in the mining, rail, robotics, and energy fields,” said John Stein, co-founder and Managing Partner of Fidelis Capital. “The business was attractive to us because the technology has been validated where it counts – in the real world, solving critical problems for customers. New applications in radar provide further confirmation of the exciting opportunity before us. We look forward to partnering with Ms. Reinhardt and her outstanding team in the years ahead as they continue to innovate and expand their business.”
Pharos Capital Group, a Nashville-based venture capital firm, has been the majority owner of Time Domain since 2004, and this transaction brings an end to the two companies’ formal business relationship. “We are grateful to Pharos for their commitment to us over the years,” said Reinhardt. “They understood the potential for UWB very early on, and were vital in fostering its development and deployment. We would not be here without their support.”