ABRY Partners, a leading private equity investment firm, has acquired a majority interest in KORE Wireless Group, which is a global provider of managed M2M communications services. The deal brings growth and acquisition capital that will allow KORE to execute on its mission to become the pre-eminent independent provider of broad-based M2M service solutions on a global basis.
As the first step in its broader strategy, KORE also today announced the acquisition, in an all-cash transaction, of RacoWireless, which also specializes in IoT/M2M connectivity solutions. The combined company will have offices in five countries and serve more than 3 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”, he said.
- KORE provides unified control and management for cellular and satellite network service delivery in more than 180 countries worldwide, using a range of technologies — including GSM, HSPA, CDMA EV-DO and LTE, as well as satellite services.
