Foresight Group (“Foresight”) is pleased to announce on behalf of the Board of Foresight VCT, the completion of a £4 million growth capital investment into Bangor-based Simulity Labs Limited (“Simulity” or “the Company”).
Simulity is a specialist technology business, powering the future of connected devices and the Internet of Things (IOT), through its embedded communications software for SIM, eSIM and next generation connected products. The Company has seen rapid growth with revenues increasing eight fold in the past four years. This growth capital investment will enable the Company to expand its market presence into OEM’s and Enterprise markets, to compliment its existing mobile network operator customers.
Foresight has previous experience in the SIM market, having been an investor in Gemplus, now Gemalto, one of the market leaders in the sector, which returned more than 30 times original investment.
Simulity was founded in 2009, with its HQ in Bangor, Wales. Following significant growth the business has subsequently opened offices in Belfast and Cape Town. Simulity services a worldwide customer base including over 45 mobile network operators, delivering software for over 5 million SIM cards a month.
Foresight’s investment will allow the Company to continue to grow their existing SIM and SIM operating system market share, targeting Tier1 Smart Card OEMs and Module Vendors, as well as expand into new markets.
James Livingston, Partner at Foresight said:
“We are delighted to have completed this investment into Simulity, which has developed a strong product range and a very experienced team, in a market poised for considerable growth. We look forward to working alongside the management team to realise the exciting growth plans for the business.”
Stephane Fund, Founder and CEO added:
“We at Simulity are delighted to have an investor on board who shares our mission and vision. Our products future proof the world’s connected devices. Having Foresight on board will aid our company in the expansion of new markets and in gaining significant traction globally.”
Advisors on this deal included:
Corporate Finance Advisers: Hogan Associates
Legal Advisers: RW Blears
Financial & Tax due diligence: EY Commercial due diligence: Neovian Management due diligence: Catalysis
Legal due diligence: RW Blears
Technology due diligence: MSC R&D
For more information contact:
Annabel Arrowsmith, Foresight Group, Marketing Manager
firstname.lastname@example.org / 020 3667 8179
Notes for editors:
About Foresight Group LLP (“Foresight”):
Foresight is a leading independent infrastructure and private equity investment manager which has been managing investment funds on behalf of institutions and retail clients for more than 30 years.
Foresight has £2.1 billion of Assets Under Management across a number of funds, including Listed Vehicles, Limited Partnerships, Enterprise Investment Schemes (EISs) and Venture Capital Trusts (VCTs).
Foresight’s Private Equity team, comprising sixteen investment professionals, invests between £1m and £5m in management buy-outs, management buy-ins and growth capital investments in UK SMEs.
About Simulity Labs Limited (“Simulity”)
Simulity is an established software company that specialises in embedded communications and related server-based applications, connecting millions of devices, globally.