Horizon, the leading investor in UK B2B services and technology companies, announces today that it has committed £20 million to a new buy and build strategy in the M2M & IoT market, commencing with the acquisition of Wireless Innovation, a UK-headquartered M2M managed services connectivity provider.
Founded in 2004, Wireless Innovation provides connectivity as a managed service via its own platform to a range of end user clients. The business specialises in M2M data connectivity working in partnership with satellite and cellular connectivity providers across the globe.
Wireless Innovation’s clients are based in over 100 countries and across a wide range of sectors including renewables, electricity, water, oil & gas, telematics, aviation and marine. Clients include EDF Energy, Iberdrola and Scottish Water.
Edward Spurrier, the former CEO of Alternative Networks, has joined as chairman and will lead the acquisition strategy alongside CEO and founder of Wireless Innovation Phil Rouse. Horizon will work with the management team to capitalise on the significant opportunities for acquisition in this fast-growing market.
Commenting on the transaction Simon Hitchcock, Managing Partner at Horizon, said: “Given its growth and fragmentation, the M2M and IoT connectivity market represents an attractive investment opportunity. Wireless Innovation has created an excellent connectivity platform through significant investment and development over a number of years. We look forward to partnering with Phil to scale the business both organically and through acquisitions.” He added, “Wireless Innovation is Horizon’s third off-market platform investment in 2017 and further demonstrates our ability to identify and transact highly attractive technology and B2B outsourcing investments.”
Wireless Innovation founder and CEO, Phil Rouse, said: “Over the past 13 years we have built a unique connectivity platform able to manage integrated cellular and satellite services seamlessly. Following five years of consistent double-digit organic growth, I am delighted to be partnering with Horizon to continue our growth strategy and further accelerate it through acquisition. I have been deeply impressed by the calibre and expertise of the Horizon team and am looking forward to working with them.”
Luke Kingston, a Partner at Horizon commented: “Wireless Innovation operates in a highly-fragmented market, both in the UK and internationally. We have committed significant additional capital to support Phil and the team in executing their ambitious acquisition strategy and are in active dialogue with several potential target businesses.”
The Horizon team comprised Simon Hitchcock, Luke Kingston and Tom Maizels