Wireless Logic hits £3.5B valuation: General Atlantic joins Montagu in backing UK IoT powerhouse

Wireless Logic, a UK-based Internet of Things (IoT) solutions provider, has announced a significant new investment from General Atlantic, a prominent global growth equity firm. The investment comes through General Atlantic’sBeyondNetZeroclimate growth equity fund, marking it as a new minority shareholder. Montagu, the company’s existing majority shareholder and a respected mid-market private equity firm, will continue to hold its majority stake.
The investment values Wireless Logic at approximately £3.5 billion, representing an extraordinary growth trajectory for the firm. Pending customary closing conditions, this deal is expected to close in the third quarter of 2025.
With fresh capital, Wireless Logic is set to accelerate its growth plans, focusing on organic investments and an active acquisition strategy. This approach is designed to strengthen the company’s position as the global leader in IoT connectivity by expanding its geographic reach, diversifying market channels, and enhancing its platform offerings.
The company is expected to further accelerate its international footprint, particularly across Europe, North America, Latin America, and Asia-Pacific, through organic growth and transformational M&A activity. Notably, in April 2025, Wireless Logic acquired Arqia, a major Brazilian IoT MVNO managing more than 3 million devices, marking its largest acquisition in terms of device connections and solidifying its presence in the Latin American market.
Collaborating with General Atlantic brings substantial global scale, technological expertise, and operational capabilities to Wireless Logic. Notably, General Atlantic’s Vice Chairman of EMEA,Vittorio Colao, who has extensive experience as the former CEO of Vodafone Group and Minister of Technological Innovation and Digital Transition for Italy, will join the Wireless Logic board. The board is chaired by SirMichael Rake, former Chairman of BT Group, highlighting the strong leadership guiding the company’s future.
Wireless Logic began its journey in 2000 and was sold to Peter Jones’s Phones International Group in 2002. In 2011, co-foundersOliver TuckerandPhilip Colerepurchased the business for £35 million, with backing from ECI Partners. They saw a crucial need for a new business layer that could offer more than just connectivity and airtime. Traditional offerings fell short in providing the innovative services that modern businesses require. Wireless Logic was established to fill this gap, offering an unparalleled suite of services designed to deliver the highest connectivity, control, and security levels.
Since pivoting into the machine-to-machine (M2M) and IoT market in 2007, Wireless Logic has experienced rapid growth. Under Montagu Private Equity’s ownership, beginning in 2018, the company has completed over 15 acquisitions, including UK-based Mobius Networks, Israel’s Webbing, and most recently Brazil’s Arqia, significantly expanding its service capabilities and global presence. The company’s acquisition strategy, with 10 deals between 2020 and 2023 alone, has been a key driver in its ability to serve a diverse, international customer base and integrate new technologies and markets.
Wireless Logic has evolved into a global leader in IoT connectivity, offering seamless, secure, and scalable solutions that bridge businesses’ physical and digital worlds across many sectors. The company’s platform enables clients to connect and manage millions of IoT devices globally, regardless of device type, network, or geography, all through a unified management system.
Wireless Logic’s valuation surge from £35 million in 2011 to an astounding £3.5 billion in 2025 represents one of the most remarkable growth stories in the UK tech sector. This nearly 100-fold increase underscores the company’s successful pivot from a small telecom reseller to a global IoT powerhouse. The strategic buyback by founders laid the groundwork for rapid innovation and expansion. Over the past decade, Wireless Logic has capitalised on the growing demand for IoT connectivity, consistently expanding its customer base and technology capabilities, positioning itself as a market leader with significant investor confidence reflected in its skyrocketing valuation.
Wireless Logic’s parent company, Blue Holdco, reported revenues of £256.7 million for the year ending April 2024, with underlying profits before tax, interest, and acquisition-related costs of £102.3 million. However, after accounting for £141 million in acquisition-related expenses, the group posted a pre-tax loss of £222.3 million.
Despite this, CEO Oliver Tucker emphasised the company’s strong profitability and rapid growth, with revenue and profits increasing by 20% year-on-year. He described Wireless Logic as one of the UK’s rare profitable unicorns, with international expansion presenting both opportunities and challenges. Tucker noted that expanding internationally is complex, often taking three times as long and costing three times as much as initially envisaged.
Wireless Logic is also deeply committed to sustainability, aligning itself with the Science Based Targets initiative (SBTi) and playing a pivotal role in enabling IoT-connected solutions that drive energy transition and climate applications. The company has set an ambitious target to achieve net-zero emissions by 2030, aiming to reduce its total greenhouse gas emissions (Scope 1, 2, and 3) by 90% from a 2021 baseline, a target validated by the SBTi and aligned with the 1.5°C climate goal.
These efforts include enabling smart grids, micro-mobility, industrial optimisation, and precision agriculture, reflecting the company’s focus on creating a positive environmental impact alongside commercial success. Wireless Logic’s comprehensive approach to sustainability places it among the top performers in its industry, with a DitchCarbon sustainability score higher than 75% of its telecommunications peers.
With continued backing from Montagu and the additional support of General Atlantic, Wireless Logic is well-positioned to continue its high-growth trajectory, further cementing its status as a global leader in IoT connectivity and a key enabler of the energy and climate transition