Inogate acquires Critical Move

Coimbra, Portugal, May 13, 2011 – Critical SGPS announced today an agreement with Inogate to sell its stake in Critical Move, the company dedicated to the development of the innovative “horizontal” elevator transport system. As part of the deal Critical Move will re-brand as Move Mile.

“After a successful proof of concept and with two Move vehicles already in operation at the company first customer – hospital Rovisco Pais, in Tocha – it is the right time for Critical SGPS to open the door for a new step of development in the company” highlights Diamantino Costa, Critical SGPS’s Managing Partner.

“With an accomplished seed capital stage for the Move project, it is time to hand over to new investors” adds Diamantino Costa, adding that this operation comes at a time where Critical Group is bootstrapping the Critical Ventures I fund – an operation that will invest seed capital in IT ventures up to an amount of €6 million.

“At Inogate our focus is to exploit disruptive business models. Move brings a game changing product for a new market – a combination that allows Inogate to full apply our expertise. Leveraging on Critical’s seed phase investment, we’ll now add to the growth and expansion of this project”, adds Paulo Janeiro, Inogate’s CEO.