Wireless Logic sold to ECI
16 August 2011 |
M2M technology provider Wireless Logic has been sold to the private equity firm ECI Partners in a deal worth £38 million.
The company is owned by the telecoms entrepreneur and star of UK TV show Dragons Den, Peter Jones, who is said to also be looking to sell his £178 million turnover mobile distribution business Data Select.
Wireless Logic is partnered with the UK operators Vodafone, Orange and o2, and was originally purchased by Jones in 2002 for just £250,000. The entrepreneur is said to have sold the company as part of his strategy to grow a war chest in the event of further economic recession.
For ECI, the move marks its sixth investment in eleven months. The remarkable return on investment Jones will receive from his sell of Wireless Logic also indicates the fierce growth of the M2M market. For more information click here.