Wireless Logic, Europe's leading IoT connectivity platform provider, today announced the acquisition of Mdex AG, the leading German provider of M2M and IoT services and solutions for encrypted data communications over mobile, DSL and satellite networks.
The Hamburg-based organisation, founded in 1997, offers a wide range of secure network solutions for IoT and M2M, including network components such as routers, SIM cards, IP services and encryption. Mdex's own data centers offer highly secure and highly available solutions to a growing user base with roots in energy, building technology and production. A key service is the translation and interpretation of machine data, visualised via a customised platform, for multiple uses including system monitoring and predictive maintenance.
Today, Mdex has more than 4,800 customers and a portfolio of ready-to-use solutions across a wide range of applications and verticals.
Wireless Logic Group has acquired Mdex for an undisclosed sum. In 2018/19 it is expected to contribute revenues of over €8 million to the group with EBITDA of €1.25 million. The acquisition is Wireless Logic's fourth since its secondary MBO backed by CVC Capital in 2015. Most recently, the group refinanced existing debt facilities backed by a £115m senior financing package provided by a combination of banks including SMBC, Park Square Capital and HSBC.
Commenting on the acquisition of Mdex, Oliver Tucker, CEO of Wireless Logic Group said, "The addition of Mdex to the group enables us to significantly strengthen our product and service offering across Europe. Mdex brings exceptional levels of technical capability and commercial expertise in Germany and is a highly respected brand in its field. The 32-strong team will complement our existing operations in Munich and together we will consolidate our position as a leading provider of IoT connectivity platforms in Europe."
On behalf of Mdex AG, Sebastian Hilberg, CEO and joint managing director, said, "In a rapidly growing market, with increasing demand for digitalisation and the growing importance of data security and IoT communication, it is essential to have a strong partner to meet its demands. Not only have we found that partner in the Wireless Logic group, but the unique and unrivaled talents and expertise of the group's companies complement each other perfectly. We are delighted to join Wireless Logic and look forward to an exciting future together."