ECI announces sale of Arkessa to Wireless Logic

11/12/2020
Read Time: 2 Min
Topic:
Arkessa Cloud & Digital IoT Paul McCreadie Wireless Logic

IoT in Smart Cities

We’re delighted to announce that we have completed the sale of IoT connectivity provider Arkessa to Wireless Logic, for a 2.1x return and 30%+ IRR. 

Arkessa offers world-wide, world-class cellular connectivity services that make it easy to design, deploy and manage IoT devices securely, efficiently, and at scale, regardless of application or business model. 

ECI first invested in Arkessa in July 2018 to help support its already strong growth in the IoT market. Since that time Arkessa has continued to demonstrate high resilience and consistent double-digit growth in subscription revenues.

ECI announces sale of Arkessa to Wireless Logic

During ECI’s involvement, Arkessa acquired Netherlands-based Sim Services in August 2020 to further support the firm’s international growth ambitions and cemented Arkessa’s position as one of the few independent businesses of scale in the IoT market. 

ECI was invested in Arkessa’s buyer Wireless Logic from 2011 to 2015 and during that time, supported the firm’s expansion to become a leading player in the European IoT market. 

In addition to Arkessa and Wireless Logic, ECI’s experience in the IoT space has also included Peoplesafe, the technology firm focused on lone worker protection, and most recently CSL, the M2M and IoT critical connectivity solutions provider. IA Global Capital acted as exclusive financial advisor to Arkessa and Squire Patton Boggs were legal advisor. 

Andrew Orrock, CEO of Arkessa, said

ECI’s exceptional track record and understanding of the IoT market was a real draw when we began our partnership in 2018. Thanks to their support, we were able to continue to fuel our international growth and focus on our goal to ‘future proof’ Enterprise connections to the Internet of Things. Wireless Logic is a natural choice for the next stage of our journey, and we look forward to working together to form the leading global player in the IoT market.

Andrew Orrock 

CEO of Arkessa

Paul McCreadie, Partner at ECI Partners, comments

We’re delighted to announce the sale of Arkessa to Wireless Logic. Andrew and the team have continued their strong growth trajectory this year whilst also acquiring Netherlands’ headquartered Sim Services. Arkessa has proved to be extremely resilient despite the challenging backdrop of 2020. Wireless Logic is a great fit for Arkessa and we would like to thank both teams for a successful partnership as we wish them all the best for their combined future.

Paul McCreadie

Partner at ECI Partners

Oliver Tucker, CEO at Wireless Logic, adds

This is a landmark acquisition for Wireless Logic, putting the group in a stronger position to serve the needs of the market as it continues to evolve. Arkessa will strengthen the group’s routes to market, bolster team expertise and boost eUICC capabilities, paving the way for further sustained business growth in the years ahead. We are looking forward to working with the talented team at Arkessa as we continue to develop solutions and services for the rapidly evolving M2M and IoT connectivity market.

Oliver Tucker 

CEO at Wireless Logic

A record period of investments for ECI in Q4

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