The Company and Our Investment
In February 2009, Octopus invested alongside Foresight Group to support the £7.5 million BIMBO of Diagnos Holdings (trading as Autologic). The investment into Diagnos was led by a fellow VCT Manager, Foresight Group, who committed £3.75 million of equity to the transaction. Octopus invested as senior debt to support the BIMBO, providing £3 million of finance on an interest-only basis.
Diagnos develops and sells sophisticated automotive diagnostic software and hardware that enables independent mechanics, dealerships and garages to service and repair vehicles. Mechanics require a diagnostic tool to communicate with the in-car computers in order to measure, monitor and, where necessary, fix the electronic process or system. Diagnos' products are sold globally, with 45% of sales coming from outside the UK.
"The support from Foresight [and Octopus] will allow Diagnos to reinforce its position as the provider of the most comprehensive diagnostic solutions on the market, behind car manufacturers' own systems, and to continue to increase the scope of the business, both geographically and through the range of products. These are exciting times for Diagnos. With the support of our investors we have an opportunity to build on our success to date, and to significantly strengthen our position as a market leader in the automotive diagnostics space."
Ian Jones, Operations Director, Diagnos
