Communications specialist secures investment
LDC has made a significant minority investment in Cellhire, a global provider of mobile voice and data and IoT (internet of things) communications services.
The York-based business which offers high speed and secure communications services to businesses globally with the investment being used to support the company’s growth following the development of its Atlas platform for billing and SIM management as well as expansion of its M2M, IoT and eSIM capabilities which saw turnover increase by 42% between 2019 and 2022.
The company has already built key partnerships with UK mobile network operators (MNO) including Vodafone, O2 and EE as well as international providers including Orange in France and China Unicorn during the Beijing Winter Olympics. It has also entered into a commercial agreement with Qatari MNO Ooredoo for the FIFA World Cup
LDC has backed the existing management team, led by Chairman Tim Williams and Group CEO Martyn Stevens, with the investment led by Dan Smith, Partner and head of Yorkshire at LDC, alongside investment director Will Scales and investment manager Ana-Maria Garaba.
Tim Williams, chairman at Cellhire, said: “Our team has worked incredibly hard over the last couple of years to strengthen our range of products and services. With LDC’s support we’re now at an exciting stage of our journey to broaden our proposition through technology and service.”
Smith added: “We are excited to be backing Tim, Martyn and their team. They are at the forefront of innovation in the sector and we see there is huge scope to grow the business particularly as the business develops its IoT offering and the market opens up to a growing number of use cases. We’re looking forward to supporting them as they continue to expand their proposition across the world.”
This investment marks the LDC Yorkshire team’s sixth transaction in the last twelve months. These include investments in BCIS, a cost benchmarking and valuation platform for the construction industry, and Texecom, a manufacturer of electronic security products and services.