Here’s the official press release from Intuition Capital about having acquired the assets of Litelogic Limited…
Leading Venture Capital company Intuition Capital announced yesterday that it had acquired the assets of Litelogic Limited, the outdoors digital media firm.
Intuition – previously a significant shareholder in Litelogic Limited – has injected the intellectual property into a new company called Litelogic IP Limited. It has also formed a second new company, Litelogic Operations Limited, which will licence that IP and focus on selling and marketing the Litelogic product range.
A spokesman for Intuition commented yesterday: “We originally invested in Litelogic because we could see the huge potential of its unique and innovative products. The challenge has been, and remains, ensuring that those products reach their full potential in the marketplace.
“To that end, Intuition has acquired Litelogic’s assets and formed Litelogic Operations which will bring a new focus on Sales and Marketing in US and UK markets and, we believe, lead to significant commercial success in the medium to long term.”
James Sirmon, co-founder of Litelogic Limited, said: “Intuition Capital has outstanding experience in acquiring and restructuring companies in this sector and this deal represents a great opportunity for these wonderful products to realise their potential.
“I look forward to working with Intuition on implementing a new Sales and Marketing strategy.”