Atlanta, Nov. 12, 2014: Global provider of managed Machine-to-Machine (M2M) communications services KORE Wireless Group, Inc., today made two announcements – ABRY Partners, the North American communication sector-focused private equity investment firm had acquired a majority interest in KORE, and that it (KORE) had acquired RacoWireless, a company that offered end-to-end connectivity solutions.
KORE said in a statement that the fresh investment, established in conjunction with the current KORE partners, would provide growth and acquisition capital that would allow it to further its goal of “creating the pre-eminent independent provider of broad-based M2M service solutions on a global basis.”
KORE said the acquisition of the Ohio, US-based Raco was an all-cash deal but did reveal the figure. Following the completion of this transaction, the combined company will have offices in five countries and serve over 3 million subscribers on behalf of over 1,500 customers using services in more than 110 markets around the world.
The acquisition, subject to completion of certain regulatory and other consents, is expected to close in the fourth quarter of 2014.
Alex Brisbourne, Chief Executive Officer of KORE said in a statement, “Strategic acquisitions both in advanced connectivity and richer applications solutions are an important goal, as scale and global reach are of paramount importance to our large applications and enterprise customers. These customers seek to leverage new M2M technologies that enable more efficient, innovative, and in some cases, disruptive business models going forward.”
President of Raco John Horn felt the acquisition “was a great fit between the two companies”, both of which had been pioneers in this space.” Horn will become the Executive Vice President and Chief Strategy Officer.
KORE is one of the world’s largest wireless network provider specialising exclusively in the M2M communications market. Operating under the KORE Telematics brand in the USA ,and providing solutions to enterprises and operators under the KORE Systems brand, KORE provides unified control and management for cellular and satellite network service delivery in more than 180 countries worldwide.
RacoWireless, on the other hand, is also a leading provider of wireless data solutions to the M2M industr, so there is an obvious synergy between these two entities. RacoWireless can assemble a flexible, end-to-end M2M wireless connectivity solution for its partners – including delivering custom rate plans, tailored billing solutions and customised wireless connectivity as well as helping them brand their M2M applications and delivering 24/7 customer service.
Image Credit: KORE/RacoWireless
– Advertising Message –