Dragonsʼ 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 the UKʼs leading independent 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.
The M2M market is forecast to experience rapid growth of more than 30% per annum and Wireless Logic is well positioned to benefit from this expansion. The company was ranked 25th in the Sunday Timesʼ Tech Track 2010 league table of the UKʼs fastest-growing private technology companies.
Wireless Logic was formed in 1999 by the current Managing Director, Oliver Tucker, and Sales Director, Philip Cole – both highly experienced operators in the telecoms and technology industries. Peter Jones CBE – a major technology investor – acquired the business in 2002 as he believed that the M2M market had huge potential in the years to follow.