Dragon's Den star Peter Jones has sold off his machine-to-machine comms specialist Wireless Logic to private equity house ECI Partners for £38m.
Wireless Logic boasts over 3,500 customers and 600,000 SIMs under management in the UK and Europe, and partners with mobile networks Vodafone, Orange and O2 to provide various remote monitoring and working solutions to its end-users.
The firm got its start in 1999 by comms industry veterans Oliver Tucker and Philip Cole, and was acquired by Jones, who has interests in a number of other tech firms in the mobility space, in 2002.
Jones said the firm had "grown significantly in a fairly short space of time", especially as the concept of the 'internet of things' becomes more widely accepted in the business world.
"I have enjoyed helping Philip and Oliver to grow the business and will be watching with interest how the business developes further with the support and backing of ECI," he said.
Cole, who remains on board along with Tucker as sales and marketing director, tabled the possibility of European expansion as the next step for the service provider.