Dragons’ Den star and serial entrepreneur Peter Jones CBE has sold Wireless Logic to ECI Partners (“ECI”), the UK mid-market private equity firm, and management for £38m. Wireless Logic is a Machine to Machine (“M2M”) communications specialist, with 3,600 customers and nearly 600,000 SIMS under management in the UK and continental Europe. ECI is one of the longest established private equity groups in the UK and has total committed capital of over £1.1billion.
Wireless Logic operates in the fast growing M2M communications market, offering a M2M communication solution for its customers, connecting embedded sensing devices in their machines (e.g. vehicles) via SIM-based technology. The company partners with all the major mobile networks including Vodafone, Orange and O2. The capability of SIM enabled machines to transmit and receive information instantaneously improves efficiency, reduces costs and improves response times. Applications include vehicle tracking, smart metering, home and business security and intelligent health monitoring.
Wireless Logic’s technology and services are integral to the continued growth of the “Internet of Things”, which refers to the increasing number of devices that are internet enabled. Vehicle tracking was one of the first industry sectors to develop on the back of M2M technology and significant growth remains in this market, with only 20% of commercial vehicles currently tracked. Rapid growth is also forecast in other sectors, such as smart utility metering, healthcare and security, and new applications are being developed every day such as wireless advertising and PDQ machines in taxis.
Chris Warren, Director of ECI, commented: “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. We are looking forward to working with the management team and assisting the company in its continuing expansion and market development.”
Peter 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.”