Comtek invests £500K to push forward with IP

Comtek invests £500K to push forward with IP

Deeside-based Comtek Network Systems UK is investing £500,000 as it looks to deliver on its acquisition of Silicon Valley Technology

Established in a garden shed in 1989 by current chief executive Askar Sheibani, Comtek has grown from a one-man-band computer repair business to a pan-European provider of repairs, spares and support to the telecoms, datacoms, and network service industry.

Based at the Deeside Enterprize Zone, Comtek has received £500,000 from the Development Bank of Wales to invest in the manufacturing of cutting-edge fibre optic transmission products.

Comtek currently employs 70 people and up to nine new highly-skilled jobs will be created as a result of the investment.

The latest funding round follows a £6 million acquisition of the intellectual property and trademarks of American software firm Sorrento Networks Inc in 2015.

Silicon Valley-based Sorrento Networks went into administration but Comtek rescued the technology by acquiring the IPR, manufacturing rights and the research and development.

All activity has been transferred to the UK and Comtek are now able to offer the technology to the global market.

Chief executive Askar Sheibani, who describes himself as a serial entrepreneur, said: “Successful business depends upon strong leadership, a can-do attitude and readily available finance.

“Our area has enormous potential with lots of high growth, high tech organisations that are thriving.

“The Development Bank of Wales is at the heart of this and we are truly grateful for their support.

“Rhodri Evans, our adviser has been amazingly helpful and we have been consistently impressed by how proactive and well informed he is.

“This investment will enable us to further develop our product offering whilst also creating further highly skilled and highly paid jobs in Deeside.

“We are very proud to have brought the Sorrento brand under Welsh ownership, restoring to the UK a lineage traceable back to the invention of data transmission over optic fibre at STL Labs where Kao and Hocking published their definitive paper in 1962.”

Rhodri Evans, regional manager for the Development Bank of Wales added: “Comtek has grown into one of the most widely recognised companies across the region with sites in the UK, Holland, Germany, Turkey and the US.

“The core business continues to perform very well and is trading successfully in the UK and Europe as one of fastest growing multi-vendor IT and telecoms repair service providers.

“By locating in an Enterprise Zone, they have benefited from bespoke support and a reduced interest rate on our loans by up to 2%.

“This makes a big difference and will help Comtek to further develop products which can be sold to both the existing customer base and new users. We wish them every success.”