Montagu's Wireless Logic buys Matooma

The Matooma acquisition is Wireless Logic's third purchase in 2019, having already bought Dutch businesses M2MBlue and SIMPoint in February and June, respectively.

Wireless Logic expects the acquisition to strengthen its presence in France (it already has a team based in Aix-en-Provence) and enhance its European reach, specifically in Denmark, Germany, the Netherlands and Spain.

Wireless Logic, an Internet-of-Things connectivity platform, was sold by CVC to Montagu in June last year. Montagu drew equity from its Montagu V fund, closed on €2.75bn in 2015, for the transaction. The vehicle targets buyouts valued in the €100m-1bn range.

Matooma received VC backing when Irdi Soridec and Sofilaro invested €1m in 2013.

Company
Founded in 2012 and based in Montpellier, Matooma is a specialist in the cellular Internet-of-Things connectivity space. The company provides single- and multiple-operator SIM cards to connect devices globally.

Matooma posted a €11m turnover in 2018 and expects to generate a €15m turnover this year, according to French daily La Tribune. The business employs around 50 people.

People
Wireless Logic Group – Oliver Tucker (CEO).
Matooma – Frederic Salles Found (CEO).  

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• Montagu Private Equity