Emoov has been bought out of administration, the publication Property Week claimed this morning.

It says that the firm’s chief technology officer Ivan Ramirez is the buyer and that he is backed by a Russian venture capitalist, named as Kite Ventures.

The deal is said to have been struck for some £300,000. Eight months ago, the Emoov group was valued at up to £125m, says Property Week.

Last May’s valuation, by Cenkos Securities, made some key assumptions, including that the merger with Tepilo would complete as expected, and that the enlarged group would seek an IPO.

Emoov went into administration last month, in early December, with the administration handled by James Cowper Kreston.  Property Week this morning quotes sources close to the administrators.