ECI delivers a 6.1x return on the exit of Wireless Logic

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Wireless Logic logo

ECI Partners has sold M2M managed services company Wireless Logic to CVC Capital Partners. Wireless Logic was formed in 1999 by CEO, Oliver Tucker, and Sales Director, Philip Cole – both highly experienced operators in the telecoms and technology industries. ECI invested in Wireless Logic in 2011 enabling the founders to buy the business back off Phones International Group who had acquired the business in 2002.

During ECI’s period of investment Wireless Logic expanded internationally, opening offices in France, Germany and Spain, becoming the leading independent operator in the European market. The business tripled the underlying subscriber base to circa 1.5m subscribers and delivered profit and revenue growth in excess of 25% per annum (EBITDA CAGR was 31% and revenue CAGR 27%). Wireless Logic more than doubled headcount and invested heavily in partnerships, infrastructure and software development, deepening its position as the leading platform provider.

M2M managed services platforms enable the “Internet of Things”, the mega-trend of the 21st century. The market for M2M connectivity and related services is forecast to grow from €7 billion in 2014 to €23 billion in 2019 and subscriptions from 215 to 600 million in the same period, representing a CAGR of 26% and 23% respectively. Gartner estimates that the number of wireless connected devices will reach 26 billion by 2020. Wireless Logic is at the forefront of this trend, providing secure connectivity across 26 networks. Through its ‘one window to all networks’ platform, it overlays a range of value-added services including secure VPN, device management, and global mapping solutions.

Customers include high growth companies such as Just Eat – connecting remotely-based ordering systems, Isotrak – vehicle tracking and telematics, and Verifone – chip and pin applications including payment systems for London’s black taxis.

As a long term experienced investor in the TMT sector, ECI was attracted to Wireless Logic by its strong position in the high growth M2M sector combined with the ambition and drive of the founders. ECI has been successfully investing in the TMT sector for over thirty years, starting with its first investment in Ansafone in 1981, through investments in firms such as NCC Group and most recent TMT exits CarTrawler, XLN, Ascribe, CliniSys and have generated returns of over 4x on average for our investors.


“It has been a pleasure partnering with Oliver and Phil over the past four years and working with them to deliver their vision for Wireless Logic. Since 2011, the business has achieved a huge amount and this deal adds to our strong track record in backing high growth tech businesses to expand internationally. We wish Oliver, Phil and everyone at Wireless Logic every success with their new partner as they continue to lead the M2M market in Europe.”

Paul McCreadie 

Partner in ECI’s TMT team

“I would like to thank Paul and the Commercial Team at ECI for the significant value that they added to help Wireless Logic become the leading M2M services platform in Europe.”

Oliver Tucker 

CEO and co-founder of Wireless Logic