JT has reached agreement to sell a majority stake in its Internet of Things (IoT) division to the family backed private equity investor Perwyn. The new business will remain headquartered in Jersey.
The company’s IoT division was created as part of JT’s international expansion drive in 2014 and has doubled in size every year for the last three years. It provides device connectivity services to customers around the world, with almost 10 million JT SIMs in active use today.
The new owner, Perwyn, specialises in providing risk capital to rapidly growing technology businesses and will make a substantial investment in the business. JT retains a minority stake in the IoT division and will continue to supply services to the newly separated company.
Phil Male, JT’s chairman (pictured), explained, “This sale not only shows the vast potential and value of Jersey’s digital sector, but also demonstrates that within Jersey we have both the human talent and the funding to enable and build globally successful digital businesses.
“We believe that in Perwyn we have a new owner for the business with the vision and risk appetite to fund and grow this young, dynamic and growing global Jersey business.”
Andrew Wynn, founder and managing partner of Perwyn, added, “The process of dealing with JT and the island of Jersey during this transaction has been collaborative and productive. We are confident this relationship will bring benefits to Jersey, as well as augmenting the island’s future attractiveness as an incubator for innovative businesses.
“We look forward to working with the JT team to complete the transaction, which is one of important size and scale for us.”
JT was advised by Arma Partners.