Wireless Logic, Europe’s leading IoT connectivity platform provider announced the acquisition of Mdex, the leading German M2M and IoT service and solution provider.
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.