Bullnet Capital and the rest of shareholders of Anafocus have sold 100% of the company to e2v Technologies, which will pay for the transaction up to €34.2 million (approximately $46 million). Anafocus, which is based in Seville and has a commercial office in Tokio, designs and develops high-performance, high-quality CMOS image-sensors and vision-systems for the industrial, professional, scientific, medical and surveillance markets.
e2v, a UK based company listed in the London Stock Exchange, is a leading global provider of innovative technology solutions for high performance systems across a range of specialist markets. AnaFocus’ custom sensor design capabilities, expertise in “vision system-on-a-chip development”, and growing portfolio of products, will complement e2v’s established position in machine vision markets.
Anafocus was founded in 2003 by a group or researchers as a spin-off of the Microelectronic Institute of Seville (belonging to the Spanish Research Council) and has a team of more than 50 exceptionally dedicated and talented people, with many years of international experience in CMOS sensors design and commercialization.
AnaFocus is expected to generate sales of approximately €11 million in 2014. The company has been backed since inception by Spanish venture capital firm Bullnet Capital, which was its main shareholder. Bullnet invested circa €2.5 million euros from its first fund. Anafocus has received as well financial support from Spanish public
institutions such as CDTI, Enisa or Agencia Ideas.
Bullnet Capital was established in 2001 by Javier Ulecia and Miguel del Cañizo, and its main investors are the European Investment Fund, Neotec Fund of Funds and anchor investor Bruno Entrecanales. They manage circa €50 million and have invested in companies in different sectors such as semiconductors (Anafocus and KDPOF), big data (Netspira, acquired by Ericsson, and Zhilabs), enterprise SW (Visure and Codice SW),
medical devices (OncoVision), videogames (Digital Legends) or avionics (UAV Navigation).
Sources from Bullnet Capital says that “this deal is another successful example of our investment strategy: looking for early stage Spanish companies having state of the art technologies in high growth markets, companies that are able to transform themselves into worldwide leaders of their respective niche markets. This exit is very important for us not only because of the high financial returns but also because it demonstrates once again that it is possible to launch, develop and sell hi-tech companies from Spain. We are confident that it is going to be very positive for the ongoing raising of our new fund, Bullnet Capital III”.
Financial Advisor to the sellers: GrowthPoint Technology Partners (Palo Alto, California)
Legal Advisors to the sellers: Estudio Jurídico Ejaso and Dutilh Abogados (Madrid, Spain)