Private equity firm ECI Partners and Wireless Logic’s current management buy company from entrepreneur Jones
M2M provider Wireless Logic has been sold by its chairman and chief executive Peter Jones to UK-mid-market private equity firm ECI Partners and the company’s management for £38 million.
Wireless Logic has a base of 3,600 customers and nearly 600,000 SIM cards under management in the UK and continental Europe. It partners with all major mobile networks including Vodafone, Orange, O2, T-Mobile and Telenor.
The company was formed in 1999 by current managing director Oliver Tucker and sales director Peter Cole, before Jones (pictured) acquired the business in 2002.
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.”
ECI director Chris Warren 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. We are looking forward to working with the management team and assisting the company in its continuing expansion and market development.”