Wireless Logic has scored highly within the ‘Megabuyte50’ awards which identify the 50 best financially performing, privately owned companies in the UK mid-market. The awards differ from other ‘growth’ awards in the superior rigour of their financial analysis and their specific focus on pure-breed technology companies, rather than companies with a peripheral involvement with technology.
Ranked highly in second place, Wireless Logic rounds off a frenetic 12 months which has seen the organisation demonstrate unprecedented growth in all of its territories. The year has concluded with a change in investment partners – CVC Capital Partners have invested into the organisation following a four year partnership with ECI Partners. During ECI’s tenure Wireless Logic expanded internationally, more than doubled its workforce and nearly tripled the underlying subscriber base to circa 1.5m.
The Megabuyte50 provides a highly sophisticated and influential benchmarking reference for companies or the investor and advisory communities seeking to understand relative peer performance. Companies’ rankings are calculated using ‘The Megabuyte Scorecard’, a proprietary benchmarking methodology developed by the research team at Megabuyte, pooling over 50 years of combined experience assessing the performance of software, IT and telecoms services companies. The methodology uses seven key measures: two each for growth, margins and cash flow, as well as overall size. These measures are then weighted to provide the optimum balance for mid-market and later-stage companies. 2015 is the inaugural year of the Megabuyte50 awards.
The citation within the Megabuyte50 award report read: Wireless Logic has achieved consistent organic growth, expanding EBITDA margins, excellent operating cash conversion and, with low capex requirements, high FCF generation from selling airtime and related managed M2M services to enterprises. This impressive record has just recently been rewarded in a 6.1x return for ECI Partners after less than four years’ ownership, following the recent buyout by CVC.
Oliver Tucker, Co-founder and Managing Director, Wireless Logic said: “Being recognised by sector bodies such as Megabuyte endorse the work of the entire Wireless Logic team as we continue to drive the business forward. In the M2M/Internet of Things industrial revolution, organisations can simply ride with the market and grow in sync. Our commitment is to significantly exceed that growth curve, achieved by developing better services, more innovation and first class customer service. “
Megabuyte is an independent research provider, tracking the corporate and financial affairs of some 1,500 of Europe’s key public and private companies in the ICT Services and Software sectors. Megabuyte’s founder and CEO, Ian Spence, is one of the technology sector’s most established and respected financial analysts. In January 2015, and for the second year running (since the inaugural awards), Spence was recognised by Debrett’s and The Sunday Times as one of the 20 most influential people in the UK technology sector.
For more information on Megabuyte50, click here.