Wireless Logic, a specialization of the British telecommunications firm on the Internet of Things (IoT) Communications, has sold a minority participation to the US private capital group. UU. Atlantic, in an agreement that values the business at £ 3.5 billion, an amazing thickness that was. Dragons Peter Jones inverter in 2011.
Oliver Tucker, co -founder and CEO of the firm based in Maidenhead, confirmed the investment, but did not reveal the size of the acquired stake. As part of the agreement, Vittorio Colao, former Vodafone CEO and vice president of General Atlantic, will join the Wireless Logic Board, chaired by former BT president, Sun Michael Rake.
Founded in 2000, Wireless Logic was originally sold to Jones’ Phones International Group in 2002. Tucker and co -founder Philip Cole bought it in 2011 for £ 35 million, backed by Eci Partners. Now, the company serves 25,000 customers in 165 countries, connecting devices from commercial portable computers and medical monitors to intelligent traffic systems and only eats deliveries through its associations with 53 mobile network operators.
“Yes, now we are much bigger, but [Peter Jones] I still get a good return, “Tucker said, recognizing the company’s transformation scale during the last decade.
The wireless logic turned to the machine (M2M) and the IoT market in 2007 and has expanded quickly since then. Under the private capital of Montagu, which acquired the CVC business in 2018, the company has made 14 acquisitions, including Mobius Networks, based in the United Kingdom, and the Israel straps.
Montagu remains the majority shareholder, and General Atlantic joined as a strategic investor to help climb the business worldwide.
The parent company of Wireless Logic, Blue Holdco, registered income of £ 256.7 million for the year ending April 2024, with underlying profits or £ 102.3 million (before the costs related to taxes, interest and acquisition). However, after taking into account the existence related to the acquisition or £ 141 million, the group registered a loss before taxes or £ 222.3 million.
Despite this, Tucker emphasized the solid profitability and rapid growth of the company, pointing out an year -on -year increase in both income and profits. He described wireless logic as one of the strange profitable unicorns of the United Kingdom, with an international expansion that shows that both gratify and challenging.
“Anyone who tells you to expand international is easy to lie. It takes you three times longer and more likely three times more than you have originally imagined,” Tucker said.
He expressed enthusiasm for the appointment of Colao, saying: “Know our market and people within it extremely well. He will add large amounts of value.”
With most of the machines not yet connected to the Internet, Tucker believes that there is a fixed -exploited potential for wireless logic as companies around the world invest in intelligent infrastructure and IoT capacity.
The co -founder Philip Cole moved away from the business in 2019. Peter Jones was contacted to comment, but has not yet responded.
Jamie Young
Jamie is a senior reporter of Business Matters, who brings more than a decade of experience in commercial reports of the United Kingdom. Jamie has a business administration title and participates regularly in conferences and industry workshops. When he does not inform about the last business development, Jamie is passionate about the mentoring of promising journalists and businessmen to inspire the next generation of business leaders.
