Belfast, N. Ireland (May 17, 2005)–APT (Audio Processing Technology), the Belfast-based audio compression specialist, has secured significant equity and debt funding, which has enabled the company to complete a management buyout from its former owner, Oxfordshire-based Solid State Logic.
Equity for the buyout was provided by venture capital companies Crescent Capital and Trinity Venture Capital and APT’s senior management (managing director Noel McKenna and commercial director Jon McClintock). Bank of Ireland provided the debt funding. The deal will enable the company to boost its sales and marketing activities and to continue to fund research into new technologies that will benefit its customer base.
APT has two identifiable business units: manufacturing audio codecs and licensing its apt-X algorithm. One highly lucrative emerging market is licensing apt-X to the consumer industry for use in wireless headphones and wireless rear speakers for home theatres, a market worth several billion dollars per annum.
At present, the radio broadcast market is where APT currently leverages its primary profitability, with key licensees such as Pulsecom and Harris in the US. Hardware customers include the recently formed GCAP group (formerly GWR and Capital in the UK), BBC, BT, Teracom (Sweden), Fuji TV (Japan) and NPR (USA). Among the company’s many prestigious customers is George Lucas’s team at SkyWalker Sound, who are using apt-X to enable film directors to approve 5.1 audio mixes over the Internet. APT has also enjoyed tremendous success is the security industry where agencies in the USA use the company’s codecs for secure audio networking.
APT’s senior management, Noel McKenna and Jon McClintock, began management buyout negotiations with Solid State Logic in January 2005.