Anoto Group (STO: ANOT) said it has today agreed to buy 51% of the shares in UK based Destiny Wireless Ltd. Destiny Wireless has 28 employees and annual sales of 5 million £. Destiny Wireless develops and sells B2B mobile data capture solutions such as digital pen data, photographic images and GPS co-ordinates based on Anoto's digital pen technology. Anoto has also acquired an option to purchase the remaining 49% of shares by 2014.
Anoto’s strategy is to secure efficient value chain for mobile data capture in a number of sectors. Competition is emerging and users can choose from a wider range of products thus requiring muscle to keep in the cutting-edge. Destiny will continue as a separate unit and its accounts will be consolidated into Anoto’s accounts. Anoto was down 2.4% for the day as one slightly larger owner sold on the news.
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