3i sells UbiNetics to CSR for $48m

The deal, at $48m, along with the sale of the UbiNetics’ test and measurement business to Aeroflex in May 2005, delivers an 80% IRR for 3i in less than 18 months. This is the fourth successful exit for 3i in the last 12 months in the Cambridge market. As the founding venture capital investor in both businesses, 3i made the initial introductions which led to CSR’s acquisition of the UbiNetics business.

“The sale of UbiNetics to CSR marks a new trend in VC investing. To be successful in venturing one must really understand the shape of the technology markets you are investing in. 3i’s knowledge of CSR and its roadmap made us realise that the UbiNetics handset business would be a fantastic fit for CSR, making the deal a real win-win situation. We remain a substantial investor in CSR and have genuine belief in what the management team are creating. It feels great to be helping to shape the Cambridge landscape.” said Laurence Garrett, partner, venture capital, 3i.

The deal builds on 3i’s strong track record in Cambridge through its investments in Datanomic, Cachelogic, Domantis, Metalysis and others as well as successful exits: UbiNetics, Arakis, Trigenix and historically CSR. 3i’s total investment in the region currently stands at over £75m.

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• UK / Ireland