UK PE firm ECI Partners has acquired local M2M specialist Wireless Logic for £38m.
Founded in 1999 by current MD Oliver Tucker and sales director Philip Cole, Wireless Logic was acquired by UK-based entrepreneur Peter Jones in 2002.
The group declined…
UK PE firm ECI Partners has acquired local M2M specialist Wireless Logic for £38m.
Founded in 1999 by current MD Oliver Tucker and sales director Philip Cole, Wireless Logic was acquired by UK-based entrepreneur Peter Jones in 2002.
The group declined to reveal how much the company was previously acquired for.
Commenting on the acquisition, Jones said: “Wireless Logic is the UK’s leader in M2M networks and has grown significantly in a fairly short time frame since I made the decision to acquire the business in 2002.
“I have thoroughly enjoyed helping Philip and Oliver to grow the business in that time and I will be watching with interest how the business develops further with the support and backing of ECI.”
Wireless Logic claims to work with all major UK mobile operators, including Vodafone, Orange and O2, offering solutions that allow SIM-enabled machines to transmit and receive information over networks, reducing costs and improving response times.
Chris Warren, director of ECI, which boasts more than £1.1bn in total committed capital, said: “The possible applications for M2M technology are virtually limitless and we are extremely excited by the potential of Wireless Logic in this rapidly growing market.”
PwC financially advised ECI, with Burges Salmon providing legal advice.
KPMG financially advised Wireless Logic, with Osborne Clarke appointed as legal advisor.
Wireless Logic also revealed plans to grow into different European markets, but declined to reveal details.
The group reported £11.5m in turnover for the year to April 2011, up from £8.2m in 2010.
