We are delighted to announce that Parkwalk portfolio company Cambridge CMOS Sensors has been acquired by ams AG in an all cash transaction...

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Cambridge CMOS Sensors

We are delighted to announce that Cambridge CMOS Sensors has been acquired by ams AG. CCMOSS was held in multiple Parkwalk funds and the all-cash confidential transaction has lead to multiple returns for Parkwalk investors.


	Dear , ams AG, a leading worldwide manufacturer of high performance sensor and analog solutions, has acquired 100% of the shares in Cambridge CMOS Sensors, the technology leader in micro hotplate structures for gas sensing and infrared applications, in an all-cash transaction. The parties to the transaction have agreed to keep the consideration confidential. Although the terms of the transaction are confidential, the sale shows further strong performance for Parkwalk EIS Funds, generating multiple returns across multiple portfolios and provides further validation of Parkwalk’s rigidly-focused investment strategy. Investing in UK university spin-outs since October 2010, this is Parkwalk’s fourth successful exit, the others having generated 4x, 7x and 15x returns (exclusive of EIS tax reliefs) on spin-outs from the Universities of Cambridge and Leeds. On successful completion of this transaction, Parkwalk EIS Funds will have returned to investors more cash than the cost of all subscriptions (after initial EIS tax reliefs) into Parkwalk EIS Funds up to January 1^st 2016, with the remainder of the portfolio having a current valuation in excess of the same amount again.

Parkwalk Funds and the Parkwalk-managed University of Cambridge Enterprise Funds were the largest shareholder in CCMOSS, having supported the company from a seed-financing round in 2012 through three further funding rounds after the company was spun-out out of the High Voltage Microelectronics and Sensors (HVMS) lab in Cambridge University.

Alastair Kilgour, Parkwalk CIO said ‘This a perfect university spin-out case study: the world-leading technology came out of the lab; was formed and mentored by the expertise of the Cambridge Enterprise technology transfer team; and was developed and commercialised with a seasoned management team. The company was funded primarily by the University and the EIS, with a flat share structure benefiting and incentivising all stakeholders.

Moray Wright, co-founder of Parkwalk said ‘This shows UK university spin-outs work. CCS have developed a unique platform for easy integration into a range of end products for air quality monitoring and breath analysis, that will genuinely improve people’s lives. The technology has been successfully developed and commercialised for all stakeholders, and will now be available for real-world uses.’

Florin Udrea, CTO, Founder and Royal Academy of Engineering Fellow and Silver Medal winner, said ‘This a tremendous opportunity to join forces with ams, a leading edge semiconductor company. Our patented range of gas sensors and IR devices are currently the smallest in the market featuring high sensitivity and ultra-low power consumption. Equally important this shows that semiconductor spin-out companies can lead a very successful path without large investments from VCs or Corporates.’

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	Important Information This financial promotion is issued by Parkwalk Advisors Limited (Parkwalk), which is authorised and regulated by the Financial Conduct Authority. Investments referred to in this newsletter are not suitable for all investors. Interested parties are strongly recommended to seek specialist financial and tax advice before investing in any product. Capital is at risk and investors may not get back the full amount invested. Tax treatment depends on the individual circumstances of each investor and may be subject to change. Past performance is not a reliable indicator of future results, and the value of investments may go down as well as up. Projections and forecasts are also not a reliable indicator of future performance. Investments in small and unquoted companies carry a higher risk than many other forms of investment. Any investment in a Parkwalk product must only be made on the basis of the terms of the full Information Memorandum. Parkwalk is not able to provide advice as to the suitability of investing in any product.

Cambridge CMOS Sensors

Parkwalk Opportunities EIS Fund

Important Information