Livingston-based microelectronics and optoelectronics company Optocap has been purchased from Scottish Enterprise (Scotland's innovation and investment agency) through a management buy-out.
The company was set up in 2003, as a wholly-owned subsidiary of Scottish Enterprise, to address the gap in packaging and assembly services in the optoelectronics and microelectronics supply chain. In six years the company has grown to employ 18 people and deals with around 50 companies worldwide, with annual turnover exceeding £1m. Its customers, 40 per cent of whom are based in Scotland, use Optocap's services to develop new and better products more efficiently and effectively, while also taking advantage of its subcontract assembly and packaging capability using its advanced toolset for optoelectronics and microelectronics devices.
Neil Francis, director of industries, innovation and commercialisation at Scottish Enterprise, said: 'Since inception, Optocap has assisted with 15 collaborations and 10 new products, processes and services, as well as enhancing the infrastructure and capability of one of Scotland's key industries. The management buy-out team has demonstrated its capability through successful performance to date, and we believe they are best placed to ensure that Scotland continues to benefit from this intervention.'
David Ruxton, chief executive of Optocap, added: 'Having completed the work it was set up to do under Scottish Enterprise ownership, the time is now right for Optocap to move on independently and increase the level of business it does with existing and new customers.'