Insolvency administrators are seeking a buyer for the intellectual property assets of UK payments technology company Secure Electrans, according to industry magazine Insolvency Today.

Secure Electrans, which specialises in smart meters, meter reading transfer technology and secure online payment services, went into administration in March 2014.

Buyers are being sought in the energy and patent sectors. The deadline for offers is 12pm on Friday 25 July.

Patents valuation

Nat Baldwin, of Metis Partners, who is co-ordinating the sale of Secure Electrans’ patent portfolio, said: “The potential value of the smart meter market is enormous. The patents held by Secure Electrans have previously been valued at approximately £1 billion.

He added: “In the region of 53 million UK installed energy meters will be replaced by smart meters by 2020 as a result of UK government initiatives and Secure Electrans’s UK licensing model was based on proposed royalties of £7 per smart meter device and £0.10 per payment transaction.”