Tue, 09 Jan 2024 | BUSINESS SALE
K-Safe, a provider of road safety products, has been acquired out of administration in a pre-pack deal. The company’s assets and IP, including its two products, Flare and Flare Aware, have been acquired by Microlise Group, a listed firm supplying transport management software to fleet operators.
The Flare platform has over 3.5 million regular users, including brands such as Just Eat and Deliveroo, as well as motorcyclists, cyclists and e-scooter riders. The app provides incident detection and avoidance, hazards and SOS, helping users to improve their understanding of and reaction to mobility risks and safety issues.
Flare Aware, which was developed jointly with Microlise, is a driver hazard warning system. The platform utilises data captured via the Flare mobile app network to provide awareness and alerts for vehicle drivers when approaching fixed weight hazards, such as weight restrictions and low bridges.
Nottingham-based Microlise acquired the Liverpool-based company upon the appointment of Begbies Traynor as administrators. Following the acquisition, K-Safe's two staff members have been recruited to Microlise, while all customer contracts are being novated.
The acquisition was for a total consideration of £140,000. In K-Safe's accounts for the six months ending April 20 2022, its net assets were valued at over £282,000.
Microlise Chief Executive Nadeem Raza commented: "We are excited to have acquired the assets of K-Safe, giving us exclusive access to the Flare and Flare Aware products. The Flare product also expands our market offerings to the fast-growing last mile solution space, and the two-wheel vehicle space globally."
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