Romax Technology Limited (Romax), the market-leading engineering solutions and simulation technology company, has today announced a new investment partnership with Moonray Investors (Moonray), part of Fidelity International (FIL Limited).
Romax, which was founded by Peter Poon in 1989, will remain majority-owned by the founder. Moonray's investment will allow the company to accelerate the development of both its highly successful simulation technology and drivetrain design businesses as well as pursue new and exciting technologies across the wind energy and transportation industries.
Commenting on the partnership, Peter Poon, founder and CEO of Romax said, "I am delighted to have found a partner who shares our ethos, values and growth aspirations. Romax will undoubtedly have synergies with Moonray's recent investments in energy efficiency technologies. Moonray will bring extensive business experience from outside our core market, in addition to growth capital. Their long-term perspective makes Moonray a true partner in our business."
Peter Poon continued, "Our strong commitment to R&D and our passion for innovation and engineering excellence will not change. Now, with better resources we are able to enhance the value we deliver to our customers as well as accelerate the development of our exciting portfolio of new products and services, especially those focussed on wind-farm operators and owners."
Nicky McCabe, COO of Moonray added "Right from the outset we were impressed by the cutting edge technology and high quality engineering focus of Romax. We look forward to playing our part in working with Romax to achieve its clear and significant potential."