Investment firm Verdane has acquired a majority stake in Bristol-based Smartbox in a move intended to increase international access to Augmentative and Alternative Communication (AAC) technology. This technology assists individuals who experience difficulties with writing or speech.
Headquartered in Bristol and Malvern, Smartbox creates software and hardware solutions designed to provide a voice to disabled people and support more independent living. While more than 46 million people globally have complex communication needs that could benefit from AAC, it is estimated that only 1 to 2 per cent currently have access to such technologies.
The partnership with Verdane is intended to allow for increased investment in Smartbox and provides a basis for the company’s plans to triple the number of people it serves by 2030. Established in 2006, Smartbox employs approximately 750 people and maintains a presence in the US, Germany, France, the Netherlands, and Australia. Verdane operates offices in several European cities, including London, Berlin, and Stockholm.
Majority shares were previously held by the CareTech Group, which will remain a minority shareholder. Three Hills, an investment firm, will also invest alongside Verdane and CareTech.
Dougal Hawes, CEO of Smartbox Group, said: “Choosing a values-driven organisation was essential for us when looking for a partner to help achieve our vision of a world where no one is left without a voice. Verdane stood out by going above and beyond to understand the needs of the AAC community and how Smartbox can support them through our technology and services. This partnership marks a milestone moment for the Smartbox Group as we expand our ability to support and serve more people around the world who need access to AAC.”
Johanna Rydén, director at Verdane, said: “We’re thrilled to partner with the Smartbox team to accelerate global access to their pioneering technology and to continue the company’s growth journey. Smartbox has demonstrated clear innovation in building its AAC solution and we’re looking forward to working alongside the entire team.”
Shaw & Co advised the Smartbox management team, consisting of Dougal Hawes, Jarrod Inott, Hannah Church, and Simon Poole, on the transaction. Jim Shaw, senior partner at Shaw & Co, said: “The management team at Smartbox have done a phenomenal job growing the business to create an international organisation that is having impact on a global scale. We were delighted to again assist Dougal, Jarrod, Hannah and Simon with this next step in a truly exciting journey.”
Image source: Smartbox
