A tech firm once sold by Dragons’ Den star Peter Jones has been valued at £3.5bn in a private equity deal.
IoT solutions provider Wireless Logic is headquartered in Berkshire and has offices around the world.
Oliver Tucker and Philip Cole founded the business in 2000 then sold it to Jones’s Phones International Group in 2002 before buying it back in 2011 for £35m, with the backing of ECI Partners.
Today it works with more than 25,000 enterprises and businesses, connecting more than 18m IoT devices connected across 165 countries to over 750 global networks.
US private equity firm General Atlantic has now come on board as a minority shareholder, through investment from its BeyondNetZero climate growth equity fund.
Existing shareholder Montagu, a mid-market private equity firm, will remain the majority shareholder, reinvesting alongside General Atlantic.
The transaction is subject to customary closing conditions and is expected to close in the third quarter of 2025.
Partnering with General Atlantic will bring complementary global scale and network, Wireless Logic said, as well as technological and operational capabilities.
General Atlantic’s vice chairman of EMEA, Vittorio Colao, previously served as Minister of Technological Innovation and Digital Transition for the Italian government and as CEO of Vodafone Group.
He joins Wireless Logic’s board alongside existing chairman, Sir Michael Rake, who previously served as chairman of BT Group and president of the Confederation of British Industry.
“Wireless Logic, Montagu and General Atlantic share a collective ambition to reinforce Wireless Logic’s market leadership and mission to simplify and automate IoT connectivity and management for customers globally, as well as create value for investors and establish a great place to work,” said Tucker.
“I look forward to the next phase of our growth journey.”
Ed Shuckburgh, managing partner – CEO at Montagu, said: “We are excited to continue backing Wireless Logic through the next stage of growth having first invested in the business in 2018.
“This reinvestment demonstrates our continued confidence in Wireless Logic’s exceptional growth trajectory, and we are thrilled to have General Atlantic partnering alongside us. We are enthusiastic about the opportunity for Wireless Logic as it continues to cement its position as the Internet of Things solutions provider of choice for customers globally.”
Gabriel Caillaux, co-president, global head of climate and head of General Atlantic’s EMEA business, said: “We are pleased to support the next stage of Wireless Logic’s journey in partnership with Montagu.
“Wireless Logic has positioned itself as a leader in the rapidly expanding IoT market, and in turn as a key enabler of the energy and climate transition, providing data transparency, operational efficiency, and cost reductions across industries to accelerate energy efficiency for the future.
“We believe there is a strong opportunity for the Company to achieve further growth, through transformational M&A, which it has already proved itself adept at, and continued geographic expansion across Europe, North America, LATAM, and APAC.
“From its founding in 2000, Wireless Logic has demonstrated strong resilience, by building a highly diversified customer base and generating uninterrupted growth since inception. We look forward to partnering with Montagu and Wireless Logic’s high quality management team as the Company embarks on its next stage of growth.”