ID Data rescued from administration

ID Data rescued from administration

UK smart card systems vendor ID Data has been rescued from administration by a special purpose investment vehicle set up by founder Peter Cox.

The purchase of the business by Card Data Management Ltd (CDML) comes four months after ID Data went into administration in an effort to protect it from creditors and secure a sale of the business.

CDML is backed by funds provided by Carl Pauwels, billed as "an international banking specialist"; Peter Cox; and an un-named Singapore based investment fund.

Says Cox: "The future for Card Data Management Limited and its wholly owned subsidiary TTi Card Technology Europe Limited is expected to be very positive, thanks to the continued support of it's customers over the last months who have supported the business through a very tough period by continuing to order product and services from the company."

He says the firm has managed to retain substantially all the key people needed to take the business forward, including the account management, studio, print, personalisation and software teams.

The main business will trade as ID Data (2009) Limited, following a name change in the next few days and TTi will continue as before as it did not got into administration.

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