ParOS was formed when Parametric Optimization Solutions reversed into Ofex shell Oak Prospects on 21 March 2006. The deal valued the business at £5.4m and was funded by a share issue at 2.5p a share. Oak Prospects' closing price on Ofex was 3.5p. ParOS was formed in January 2002 to commercialise energy saving advanced optimisation and control solutions to industry developed at Imperial College, London over the previous decade. The technology enables machinery to be operated efficiently and optimum productivity all the time it is being used. The ParOS business was sold in February 2008 and the company returned to being a shell.