Wireless Logic sells minority stake, valuing business at £3.5bn
One of the founders of a telecoms company has sold a stake to a US private equity firm, valuing the business at £3.5 billion, or 100 times what he paid the Dragons' Den investor Peter Jones for it in 2011.
Oliver Tucker, co-founder and chief executive of Maidenhead-based Wireless Logic, said General Atlantic had acquired a minority stake for an undisclosed sum in the global business, which employs about 1,000 people. As part of the deal Vittorio Colao, the former chief executive of Vodafone, who is a vice-chairman at General Atlantic, joins the Wireless Logic board, which is chaired by Sir Michael Rake, a former chairman of BT.
In 2011, Tucker and his fellow co-founder Philip Cole bought back the business they had set up
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