Wi-Fi specialist Airties to be acquired by Providence Equity Partners
LONDON and ISTANBUL – Airties (the "Company"), a leading provider of cloud-based managed Wi-Fi solutions to operators globally, today announced that its Board and principal shareholders, including Invus, an evergreen equity investor, have agreed to the acquisition of the Company by Providence Equity Partners ("Providence"), a premier private equity firm that specializes in growth-oriented investments in media, communications, education and technology. Financial terms of the transaction were not disclosed.
Founded in 2004, Airties is a leading provider of cloud-based managed in-home Wi-Fi solutions, serving internet service providers ("ISPs") with a combined footprint in excess of 80 million households across the world. Airties has consistently achieved strong organic revenue growth through significant client wins and by broadening its relationships with existing clients – including AT&T in the US, Sky in the UK, Deutsche Telekom and Vodafone across Europe, and Telstra in Australia.
Providence's investment will assist Airties with accelerating growth into new markets globally, as well as funding additional R&D and product innovation to continue delivering superior connectivity, and expanding its sales, marketing, and recruitment efforts globally. As sector-focused investors with a history of partnering with innovative telecoms and technology companies, Providence is well-positioned to harness its expertise, network and resources to support Airties as it enters a transformative new chapter.
Philippe Alcaras, CEO of Airties, said: "We are proud of the leadership position we have achieved and thank our Board and investors for supporting us on this journey. We are excited to work with Providence as Airties continues to build momentum and enter the next stage of its growth journey. We could not have found a better partner to help us accelerate our development globally."
Airties was advised by Stifel (M&A), alongside Esin Attorney Partnership and Baker McKenzie London (M&A Legal), EY (Vendor Tax and Financial), PwC (Tax and Structuring), YC Law (Corporate Legal), DLA Piper (Management Legal) and Liberty Partners (Management). Providence was advised by LionTree (M&A), Allen & Overy (Legal), FTI Consulting (Financial), KPMG (Tax and Structuring) and EY Parthenon (Commercial).
Read the full announcement here.