Wireless Logic is Europe’s leading independent Machine to Machine (M2M) managed services provider. It was formed in 1999 by the current management team Oliver Tucker (CEO) and Philip Cole (Sales Director). ECI invested in Wireless Logic in August 2011 enabling the founders to buy the business back from their corporate owner, Phones International Group.
Wireless Logic’s customers include high growth companies such as Just Eat – connecting remotely based ordering systems, Honeywell – a Fortune 100 company focused on technology solutions and security, Verifone – chip and pin applications including payment systems for London’s black taxis and a number of vehicle tracking and telematics providers. Other market sectors include energy and utilities, security, retail and healthcare.
How we helped
During ECI’s investment Wireless Logic expanded internationally, opening offices in France, Germany and Spain having been the UK market leader.
ECI supported the business with the appointment of John Hawkins (ex CEO of Anite Group and Chairman of Psion) as Chairman. Subsequent board level hires were made to strengthen the senior team with the appointments of both Richard Miller (CFO) and Matt Thomas (CTO) in 2012.
Results and return
Wireless Logic nearly tripled its underlying subscriber base to circa 1.5m with profit and revenue growth in excess of 25% per annum (EBITDA CAGR was 31% and revenue CAGR 27%). The business more than doubled its total number of employees between August 2011 and February 2015.
ECI sold its shareholding to CVC Growth Partners in February 2015. This delivered a multiple of 6.1x ECI’s original investment and a 68% IRR.