Magnet Networks has sold its majority share in Velocity1, its UK-only division at the heart of the 85-acre Wembley smart city initiative, to its long-term partner in the venture, Quintain.
Founded in 2008, Velocity1 saw Magnet Networks partner with developer Quintain, in delivering connectivity to Wembley Park, one of Europe's largest regeneration projects.
The sale, for an undisclosed sum, will allow Magnet Networks to focus on the expansion of its smart real estate technology in Ireland and servicing its global connectivity clients, the company said.
"The level of connectivity at Wembley Park has opened up the opportunity for residents and building management companies to leverage the power of smart buildings," said Stephen Brewer, managing director Ireland, Magnet Networks.
"This five-year project has been key to the development of Magnet Networks as the premier experts in smart real estate connectivity - something that we are rapidly expanding in Ireland."