Idea Capital invests £7.5m in Telit Communications

The funds have notably been used to finalise the £26m acquisition by Telit of Motorola M2M, Motorola's machine-to-machine communication division. The private equity investor provided equity through its Idea Coinvestment Fund I, a €217m vehicle raised in 2009.

Rome-based Telit Communications is a machine-to-machine (M2M) communication services provider. Telit develops, manufactures, markets and sells communication modules which enable machines, devices and vehicles to communicate via cellular and other wireless networks. It currently employs 350 people and forecasts a $180m turnover following the acquisition.

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