Lyceum Capital commits £20m to Wireless Innovation

Lyceum Capital (now known as Horizon Capital), a leading investor in UK B2B services and technology companies, has committed £20 million to a new buy-and-build strategy in the Machine to Machine (M2M) & Internet of Things (IoT) market, commencing with the acquisition of Wireless Innovation, a UK-headquartered M2M managed services connectivity provider. Initium advised the shareholders of Wireless Innovation on the transaction.

Gloucester-based Wireless Innovation provides connectivity as a managed service via its own platform to a range of end-user clients. The business specialises in M2M data connectivity working in partnership with satellite and cellular connectivity providers across the globe.

“I have nothing but respect and gratitude for the whole of Initium” – Jeff Martin, Wireless Innovation

Wireless Innovation’s clients are based in over 100 countries and across a wide range of sectors including renewables, electricity, water, oil & gas, telematics, aviation and marine. Clients include EDF Energy, Iberdrola and Scottish Water.

Jeff Martin, former Commercial Director at Wireless Innovation, commented on Initium’s role in the transaction: “When profiling advisors, our accountants advised that Initium’s international reach would be an advantage to a global company such as Wireless Innovation. I have nothing but respect and gratitude for the whole of Initium. It was most definitely a team effort that really got us to the point we wanted to achieve and ultimately did achieve.”