Barkby Life Sciences a division of The Barkby Group is to acquire the intellectual property of Cambridge Sound Technologies, a privately-owned developer of sleep technology products.
Cambridge Sound Technologies is the creator of the patented product, Sleep Infuser, which uses audio technology to help the brain reset its natural sleeping cycle.
The product targets the underlying principal causes of insomnia and poor sleep patterns that can lead to a range of health problems, including poor mental health, heart disease, diabetes, stroke and weakening of the immune system.
Cambridge Sound Technologies plans to begin commercial production of Sleep Infuser in the second quarter of this year with first commercial deliveries expected in the third quarter.
Barkby will own 75.1% of the acquiring entity, with the remaining shares held by the two founders, Frederick Donnet and Colin Aston-James, who will remain involved in the business. Barkby has an option to acquire the remaining 24.9% of the acquiring entity for £5 million in cash or Barkby shares prior to 31 December 2021.
The proposed acquisition is subject to completion of due diligence, documentation and compliance with regulatory requirements.
Barkby Group chairman Charles Dickson said: “Approximately one in three people globally suffer from insomnia and poor sleep patterns and the team at Cambridge Sound Technologies has developed a revolutionary product that tackles the underlying cause of poor sleep. Their focus on research and innovation has created a product that could potentially improve the lives of millions of people suffering from sleep-related issues. Barkby is committed to constantly seeking out new opportunities and delivering value to our stakeholders and this acquisition is firmly aligned with our strategy.”
Date published: March 4, 2020