M2M specialist KORE Wireless Group has announced that ABRY Partners, a North American comms sector focused private equity investment firm, has acquired a majority interest in KORE.
This investment, established in conjunction with the current KORE partners, provides growth and acquisition capital. KORE also announced the acquisition, in an all-cash transaction, of RacoWireless, a company known for making IoT/M2M 'easy' by providing end-to-end connectivity solutions.
Following the completion of this transaction, the combined company will have offices in five countries and serve more than three million subscribers on behalf of over 1,500 customers using services in more than 110 markets around the world.
"We are standing at a historic inflection point in our industry where scalability and innovation are critical, and the financial partnership with ABRY delivers the capital and expert support necessary to rapidly develop the scale demanded by global customers in what has so far been a fragmented market," said Alex Brisbourne, CEO of KORE.
"Strategic acquisitions both in advanced connectivity and richer applications solutions are an important goal, as scale and global reach are of paramount importance to our large applications and enterprise customers. These customers seek to leverage new M2M technologies that enable more efficient, innovative, and in some cases, disruptive business models going forward."
Blake Battaglia, partner at ABRY Partners, added: "We have been closely watching this industry as it starts to take off on a global scale. Our commitment to investing in KORE as an engine for global growth is, we believe, an indication of the opportunity within this industry space."