A management buy-out at UK metrology equipment and software provider Measurement Solutions Ltd has seen new shareholders buying into the business.

The Peterborough- and Derby-based company will now be owned by IDT Group Ltd, a newly registered ‘investment platform’ of directors Andrew Tagg and Iain Caville, through the sale of 100% of the shareholding.

IDT Group, which is an acronym for Industrial Digital Technologies, will have as shareholders Andrew Tagg (formerly the business development director of Measurement Solutions), along with Iain and Barbara Caville (the original founders of Measurement Solutions).

The Measurement Solutions (www.measurement-solutions.co.uk) management board will now be Andrew Tagg as managing director and Jason Bridge as sales director.

The existing directors and owners of Measurement Solutions, Iain and Barbara Caville, are standing down and will no longer be directly involved with the day-to-day running of the business.

Announcing the changes, Mr Caville said: “First and foremost, the Measurement Solutions brand will continue to provide customers with market-leading solutions in the fields of 3-D inspection software, portable metrology solutions such as 3-D scanning, and fully automated metrology solutions, including CMM’s and automated industrial robot inspection. From that point of view, nothing will change.

“However, we also want to expand further into the digital measurement and information sectors, predominantly around the current trend in manufacturing automation and data exchange known as Industry 4.0.

"In addition, we see an opportunity to work with other leading technology partners who may not wish to invest resources at this time in the UK, especially with the challenges that Brexit is most certainly going to bring, so this transaction is beyond just an ownership change; it is driven by the aim of creating a platform for growth with a clear strategic direction.

“The organisation has seen phenomenal year-on-year growth over the last five years, but the strategic positioning and rapid success of the company have also limited the opportunities for development and growth into other market sectors and working with other partner companies.

"The new organisation now enables our existing well-known brand to focus on what it does best, while providing the structure to consider other markets and industry players.”