365Agile Group decides that its IoT business Wireless Things isn’t a core part of its future strategy.
Technology firm 365Agile Group, which specialises in enabling its customers to get access to back-office system data on their tablet and smartphones, is to close down its Nottingham-based IoT arm dubbed Wireless Things.
Wireless Things was bought by Agile in February 2015. It provides a range of IoT devices to buy online, and just a week ago it announced the launch of the first of over 140 planned ‘plug & play’ IoT devices, a wireless temperature sensor. It’s unknown what the plans are for the other 139 devices that are yet to be launched.
365Agile Group’s board assessed the company’s strategy and whether it could develop a worthwhile strategy in the IoT space, and whether the Wireless Things arm could become core to the group’s future plans.
“Based on its assessment to date the board does not believe this to be the case,” the company said in a statement.
No final decision made on IoT business
The 365Agile Group, which is based in Sutton Coldfield, has therefore made a provisional decision to close the Nottingham operations, and a consultation period has commenced with the staff.
Internet of Business was unable to get through to 365Agile Group for further comment, but an unnamed source from Wireless Things referred to its parent company’s statement, and emphasised that “no final decision had been made”.
The source added that “as and when a decision is made” then the company would be more likely to comment on the situation.
In a statement, 365Agile Group said: “The company continues to own the IP to the 365Agile suite of software solutions, however, should the consultation process result in the closure of the Nottingham office and employee redundancies, 365Agile will become an AIM Rule 15 cash shell funded by the ongoing payments it receives from the licence agreement.
“A further announcement will be made upon completion of the consultation process.”
By Sooraj Shah