Wireless Innovation – a specialist Machine-to-Machine (M2M) and Internet of Things (IoT) connectivity and communications provider which is backed by Horizon Capital – has acquired Rock Seven Mobile Services Limited and YB Tracking Limited.
Dow Schofield Watts Transaction Services advised on the deal, which will allow the enlarged group to access new fast-growing markets in the M2M sector.
Founded in 2008, Hampshire-based Rock Seven and YB Tracking provide connectivity and hardware, which enable customers to track assets in remote and hazardous locations. The business has expanded sales by 200% over the last two years.
The acquisition will add considerable scale to the Wireless Innovation platform, which itself has continued its double-digit organic growth rate, expanded internationally, increased its workforce and significantly enhanced its underlying connectivity end points.
Luke Kingston, Partner at Horizon Capital, said: “It’s been a transformational year for Wireless Innovation both in terms of organic and now acquisitive growth. At the time of our original investment we made a significant capital commitment to Phil and the team in executing their ambitious strategy and we look forward to continuing to support them with further acquisitions. We are pleased to have completed a deal so soon after Horizon Capital’s launch.”
Ed Brentnall of DSW Transaction Services provided due diligence for Wireless Innovation. He said: “We are really pleased to have been able to assist on what is a really exciting deal for Wireless Innovation. Rock Seven and YB Tracking are market leaders in their fields and represent the latest examples of DSW’s work in the tech sector. We wish Horizon Capital and the respective management teams every success in the future.”