Bristol tech firm Viper Innovations has completed a change in ownership through a management buyout.
The firm is driving continued growth within its core sectors of subsea energy and rail through global expansion, actively exploring how its existing technologies can be expanded into new global markets.
Viper directors Edward Davies (MD), Hugo Mansfield (FD), James Carnegie (sales and delivery) and Rebekah Howard (operations) have acquired a majority shareholding of the group of companies.
Co-founders and directors Neil Douglas and Max Nodder retain a minority stake, as does long-standing investor, partner and customer Oceaneering International Services Ltd.
Douglas will continue as a non-executive director, advising the board and acting in an ambassadorial capacity.
“Viper’s success is a direct result of its incredibly talented team, whose bright minds, dedication and drive for innovative technologies have propelled us forward,” said Davies.
“The strong foundations laid by and leadership of our co-founders Neil Douglas and Max Nodder over their 17 years of ownership, has been instrumental in achieving our current success.
“Neil and Max have now entrusted the new majority shareholders to carry forward this legacy, ensuring that our trajectory of growth and innovation continues. Their and Oceaneering’s continued investment in the business in terms of time and their shareholdings are a testament of their faith and trust in Viper and all its people.”
Douglas and Nodder added: “We have thoroughly enjoyed building the business that is Viper Innovations. It has been both an honour and a privilege to work with our customers, suppliers and most of all our Viper team.
“The business has brought valuable innovative solutions to critical industry challenges, providing great benefits to both the Subsea and Rail industries. This is just the next chapter in the legacy of Viper Innovations, and we have the utmost confidence in the Viper team and know it will continue to grow from strength to strength.”