Technology business lands £4m capital investment deal
PRIVATE equity specialist Foresight Group has completed a £4m growth capital investment into Bangor, North Wales-based Simulity Labs.
Simulity is a technology business, specialising in the future of connected devices and the Internet of Things (IoT), through its embedded communications software for SIM, eSIM and next generation connected products.
The company has seen rapid growth with revenues increasing eight-fold in the past four years. This growth capital investment will enable the company to expand its market presence into OEM’s and Enterprise markets, to compliment its existing mobile network operator customers.
Foresight has previous experience in the SIM market, having been an investor in Gemplus, now Gemalto, one of the market leaders in the sector, which returned more than 30 times original investment.
Simulity was founded in 2009, with its HQ in Bangor. Following significant growth the business has subsequently opened offices in Belfast and Cape Town. Simulity services a worldwide customer base including over 45 mobile network operators, delivering software for more than million SIM cards a month.
James Livingston, partner at Foresight Group’s Manchester office said: “We are delighted to have completed this investment into Simulity, which has developed a strong product range and a very experienced team, in a market poised for considerable growth. We look forward to working alongside the management team to realise the exciting growth plans for the business.”
Stephane Fund, founder and CEO added: “We at Simulity are delighted to have an investor on board who shares our mission and vision. Our products future proof the world’s connected devices. Having Foresight on board will aid our company in the expansion of new markets and in gaining significant traction globally.”
Advisors on the deal were: Corporate Finance Advisers – Hogan Associates; legal advisers – RW Blears; financial & tax due diligence – EY Commercial; due diligence – Neovian Management; due diligence – Catalysis; legal due diligence – RW Blears; technology due diligence – MSC R&D.