Entrepreneur network Founders Forum Group has acquired Tech Nation after it halted operations last month.
The two organisations initially entered talks last month for Founders Forum Group (FF Group) to acquire the Tech Nation brand. Full terms of the deal were not disclosed.
Gerard Grech, founding CEO and Tech Nation Advisory Board member, said: “I am confident FF Group will continue the vital work of Tech Nation, leveraging its influential network to evolve Tech Nation’s existing programmes, foster entrepreneurship nationwide, and supercharge scaleups and high-growth businesses across the UK.”
Tech Nation was forced to halt most operations at the end of March after it lost out on a government grant – its primary revenue stream – to Barclays Eagle Labs during an open tender process.
Plans under FF Group ownership include reigniting a “number” of Tech Nation’s programmes, UK tech sector reports and managing Tech Nation’s Global Talent visa scheme.
Tech Nation had continued to process Global Talent visa endorsements for the Home Office despite halting other operations.
“By recognising and fostering remarkable digital talent and accelerating startup success nation-wide, Tech Nation has positioned the UK as a world-class innovation hub,” said Brent Hoberman CBE, FF Group co-founder and chair.
Part of the merger will see Grech and board director Sarah Wood join the FF Group’s Tech Nation Advisory Board.
UK Minister for Tech and the Digital Economy, Paul Scully, said: “Founders Forum Group will build on this by continuing the work of Tech Nation, which will complement our ongoing support for the sector.”