TSSI, the security solutions provider that has headquarters at Groundwell, Swindon, has announced that a group of shareholders led by executive chairman Danny Chapchal and non executive director Lord Young of Graffham have completed the acquisition of the company.

The investment team led by Danny Chapchal acquired TSSI when its parent company Scipher plc went into administration in June 2005.

The £3.3m acquisition was structured as a £1.3m upfront payment and a £2m deferred consideration over four years. The new investment clears the deferred consideration three years early and is a huge vote of confidence in the management team led by chief operating officer Stewart Hefferman.

Chapchal's goal as executive chairman has been to develop the profile of TSSI in its target markets worldwide and improve the commercial exploitation of its intellectual property portfolio.

In the last 12 months TSSI has won a number of high profile contracts, in Mexico it has won a deal that protects 300,000 vehicle emissions certificates per month against fraud, while in Korea it has won a deal to supply more than five million telephone cards per year to the national telecom operator Korea Telecom. 

Lord Young of Graffham, non executive director, TSSI, said: “Danny Chapchal and I have worked together on a number of tech start-ups and early stage businesses. I am delighted to work with Danny again and the management team at TSSI to put the company on a sound financial footing.”

Danny Chapchal, chairman, TSSI, said: “The new investment leaves the company debt free and well placed for growth worldwide. The security climate means that TSSI is seeing strong opportunity for its portfolio of security products from around the world.”

TSSI specialises in the development of both standard and bespoke solutions for its three principal product areas; document verification, fingerprint biometrics and identification systems.