JT IoT
Liberty advises the management team of JT’s Internet of Things division on the sale to Perwyn.
JT is delighted to confirm it has reached agreement to sell a majority stake in its Internet of Things (IoT) division to the family backed private equity investor Perwyn. The new business will remain headquartered in Jersey.
The IoT division was created as part of JT’s international expansion drive in 2014 and has doubled in size every year for the last 3 years. It provides device connectivity services to customers around the world.
There are almost 10 million JT SIMs in active use today.
The sale has been timed to maximise the excellent growth potential of this successful business by securing substantial investment from a new owner who specialises in providing risk capital to rapidly growing technology businesses.
JT will continue to benefit from this growth by supplying services to the new company and retaining a minority stake in it.
It has been a pleasure to work with Liberty, who have provided the management team first class advice with a focus on practical implementation. I believe that all parties to the transaction benefited from Liberty’s ability to negotiate an outcome that delivered most participants requirements. I was particularly impressed with the speed with which the Liberty team moved and their encyclopaedic knowledge of their specialist subject.
Graeme Millar
CEO of JT
It was great to work with Graeme and Barna on this landmark transaction for JT IoT. They have developed a highly attractive international connectivity business delivering outstanding growth and have exciting plans to continue that growth in the years ahead. We wish them and their shareholders, Perwyn and JT, continued success.
Michael McDonagh
Partner
+44 (0) 7715 705 000
michael.mcdonagh@libertycf.co.uk