Wireless Innovation, a specialist Machine-to-Machine (M2M) and Internet of Things (IoT) connectivity and communications provider, backed by Horizon Capital, today announces the acquisition of Rock Seven Mobile Services Limited and YB Tracking Limited.
Founded in 2008, Rock Seven and YB Tracking provide connectivity and hardware, which enable customers to track assets and IoT devices in remote and hazardous locations utilising the Iridium satellite network. The business has demonstrated significant growth, expanding sales by 200% over the last two years, and will allow the enlarged group to access new fast-growing markets in the M2M sector.
Richard Searle, CTO of Rock Seven said, “We are excited to be joining with Wireless and taking advantage of the exciting opportunities being part of a larger group will bring. Having Horizon Capital’s backing will allow us to continue our innovation and expansion in this rapidly growing market.”
The acquisition of Rock Seven and YB Tracking 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.
Commenting on the acquisition, Phil Rouse, CEO at Wireless Innovation said, “Welcoming Rock Seven and YB Tracking into the group enables us to significantly strengthen our product and services offering, commercial experience and technical ability. In addition to this, Rock Seven and YB Tracking share our customer-focused and entrepreneurial culture which will continue as Nick Farrell, Richard Searle and Andrew Jackson drive the success of Rock Seven and YB Tracking whilst enhancing the offering of the group.”
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.”
Wireless Innovation were advised by Deloitte, Dow Schofield Watts, Latitude Consulting, Harrison Clark Rickerbys and Forward Corporate Finance.