Buckinghamshire-based Wireless Logic is an independent Machine 2 Machine (“M2M”) communications specialist, allowing machines to communicate with each other through SIM cards similar to those found in mobile phones. It has 3,600 customers including Masternaut Three X, one of the world’s largest vehicle tracking companies, multimedia printing solutions company Konica Minolta and high-profile fast food outlets JustEat.co.uk and Pizza Express.
The company was set up by Oliver Tucker and Philip Cole in 1999 and was snapped up by Phones International Group, owned by Peter Jones, in 2003. It appeared in last year’s Sunday Times Tech Track 100 with sales of £8.2m, and an average annual growth rate of 78 per cent.
Following the £38m deal, the company is now in the hands of private-equity firm ECI Partners, the UK mid-market private equity firm, and management. Jones says he has “thoroughly enjoyed helping Philip and Oliver grow the business” and will be “watching with interest how the business develops further with the support and backing of ECI.”
This is the third telecoms business that the star of Dragons’ Den has sold in the past year – receiving almost £100m in the process.
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