Chronos Technology today announced that it has entered into a definitive agreement to sell its Wireless Systems Division and its Wi-Fi subsidiary KooKu Ltd to a management buyout team led by former Managing Director of Chronos Technology, Phil Rouse, who has formed a new company, Wireless Innovation Limited.
The Chronos management team has welcomed this development as it allows Chronos to fully focus on its core activities i.e.
Specialist provider and system integrator of technical solutions for telecom networks (with a particular focus on synchronisation and alarm monitoring)
Knowledge, consultancy, training and testing services for network synchronisation applications.
The supply of components for RF equipment designers and
The supply of GPS systems, components and accessories.
Charles Curry, Chairman of Chronos Technology said, "We are very pleased to have finalised the sale of Chronos Satellite and Wireless Systems and KooKu businesses to Wireless Innovation Ltd. This is a very positive move for our respective clients as it will allow both organisations to focus on their core strengths and markets. In particular, Chronos will continue to focus on serving the mobile and wireline telecom operators with network synchronisation and alarm monitoring products, solutions and services as well as the RF and GPS components for electronic equipment design and OEM markets. We look forward to continuing to supply and support our clients, wherever they may be in the world."
Charles Curry continued, "I would like to thank all customers and suppliers of Chronos Technology who are moving to the new organisation for their past business and support and wish them well in their new supply relationship. We also wish Phil and his team the best of luck moving forward with Wireless Innovation Ltd."