Peratech Ltd, a British company has bought Softswitch Company that uses electronics into clothing.
Use of electronics into clothing has been termed as having huge potential in the future by the experts.
Reason behind this sell is the restructuring of Wool Equities Ltd, the parent company of Softswitch.
As part of the deal, Peratech parted 4.4 percent of its shares to Wool Equities Ltd.
Talking to press, Mark Grady, chief executive Wool Equities, said that taking over Softswitch was a step in the right direction since Peratech was technologically advanced.
Canesis Network stake in SmartTextiles that had the rights of Softswitch technology were acquired by Wool Equities.
Deal between Peratech Ltd and Wool Equities Ltd for Softswitch was worth US $500,000.
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