We’re delighted to announce the exit of CSL, the critical IoT connectivity experts, into a continuation fund, representing a return of 3.5x since we first invested in the company in 2020.
CSL has grown c. 20% organically every year of ECI’s investment, driven by expansion into new geographies and verticals. The business has seen significant growth beyond its building, security and telehealth heritage, moving into other verticals requiring critical connectivity, including the transport and logistics, commercial, retail and hospitality and utilities sectors. This includes winning major new projects, such as being selected by Vodafone as the UK National Lottery Partner.
Another driver of CSL’s growth is the extension of its product suite, including launching rSIM® in 2024, the world’s first truly resilient and intelligent SIM card that monitors connectivity and actively switches profile for maximum uptime. This is especially important for life-critical, business-critical and mission-critical applications across all verticals.
As part of ECI’s continuation fund, CSL will continue its expansion strategy, including further delivering on its M&A roadmap to enter new verticals, geographies, or acquire new technologies.
