Wireless Logic Group acquires Mdex AG, expects 2018/’19 group revenue contribution of €8m
Wireless Logic, Europe’s IoT connectivity platform provider announced the acquisition of Mdex AG, the leading German M2M and IoT service and solution provider for encrypted data communications via mobile networks, DSL and satellite.
The Hamburg-based organisation, founded in 1997, delivers a broad range of IoT and M2M secure network solutions including network components such as routers, SIM cards, IP services, and encryption. Mdex’s own data centres provide highly-secure and high-availability solutions for a growing user base with roots in energy, building technology and production. A key service is the translation and interpretation of machine data, visualised through a tailor-made platform, for multiple uses including system monitoring and predictive maintenance.
Today, Mdex boasts in excess of 4,800 customers with a portfolio of ready-to-operate packaged solutions for a wide range of application scenarios and vertical sectors.
Wireless Logic Group has acquired Mdex for an undisclosed sum. In 2018/19 it is expected to contribute revenues to the group in excess of €8m with EBITDA of €1.25m. The acquisition is Wireless Logic’s fourth since its secondary MBO supported by CVC Capital in 2015. Most recently, the group refinanced existing debt facilities backed by an underwritten £115m stretched senior financing package provided by a combination of banks including SMBC, Park Square Capital and HSBC.
Commenting on the Mdex acquisition, Oliver Tucker, Group CEO for Wireless Logic Group said: “Welcoming Mdex into the group enables us to significantly strengthen our product and services offering across Europe. Mdex brings exceptional levels of technical ability and commercial experience within Germany and is a highly regarded brand in its field. The 32-strong team will complement our existing Munich-based operation and together will cement our position as the leading IoT connectivity platform provider in Europe.”
For Mdex AG, Sebastian Hilberg, CEO and joint MD said: “In a fast-paced and growing market with its increasing demand of digitisation and the escalating importance of secure data and IoT communication, it is essential to have a strong partner on your side to meet its demands.
Not only did we find such a partner in the Wireless Logic Group, but the unrivalled and unique talents and knowledge of the group companies complement each other perfectly. We’re delighted to join Wireless Logic and look forward to an exciting future together.”