RFID specialist targets growth after buy-out

A Wiltshire-based technology firm is set to grow following a change in ownership.

MiTEQ, an RFID asset tracking specialist based in Devizes, has completed a management buy-out backed by a £1.5 million loan from Frontier Development Capital. 

The deal hands full control of the business to founder and chief executive Alex Whiting and provides an exit for original investor Tim Hamilton-Davies.

Alex says the funding will support MiTEQ’s next phase of growth after the company increased turnover from £1 million to £4.5 million since 2021, with ambitions to reach £9 million within five years. 

He adds that following a recent move to larger premises, the company plans to create a new demonstration centre and double its 12-strong team over the next three years.

Alex said: “MiTEQ helps companies transform their operations by integrating RFID with their existing IT systems. 

“We are grateful for Tim’s support on the first stage of our journey. 

“I look forward to working with Frontier Development Capital as we continue to grow the business and establish MiTEQ as the UK leader in RFID integration.”

Founded in 2020 as a supplier of RFID tags and hardware, the business now delivers fully integrated asset tracking solutions that connect directly with customers’ existing IT systems.

MiTEQ works across retail, sport and healthcare, with its technology helping football clubs improve checkout speeds, retailers manage stock more efficiently and NHS trusts track patient flow and bed availability.

The Frontier Development Capital funding came from its new Evolution fund.

Kathryn Light, investment manager at Frontier Development Capital, added: “Over the course of a few years, MiTEQ has grown from a small RFID hardware supplier to a full solution provider and established a track record for expertise and excellent service. 

“The funding will enable Alex to build on its success to date and take advantage of the growing demand for RFID technology.”

The Wilkes Partnership provided legal advice to Frontier Development Capital, while Awdry Law advised MiTEQ.

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