Founders of the App decided to attract a strategic partner, which would be interested in the further development and expansion of the business. JTech Advisory acted as an exclusive financial advisor to the Founders during the entire sale process. JTech Advisory team communicated with several UK-based public and private-equity backed strategic investors, mostly from insurance and education field, who expressed interest in the deal during the process. During the process, RAC management team have shown their interest in the company, building a trustful relationship with the Founders, who will continue to support the RAC in further development of the App. The RAC acquired 100% of the business.

RAC management said: “We are on an exciting journey to digitalise and revolutionise the way we provide driving services to our 13m members. Our acquisition of the hugely popular and highly effective Driving Theory Test 2022 app is another important step in enabling the RAC to help and support the next generation of drivers.”

About the RAC

The RAC, an iconic UK brand, provides complete peace of mind to 13m UK private and business drivers, whatever their motoring needs. As well as its premium nationwide breakdown assistance service – with an expert branded patrol workforce attending more than two million breakdowns every year – it offers a wide range of market-leading products across insurance, legal services, vehicle inspections and service, maintenance and repair. The RAC is also at the forefront in helping drivers make the switch to electric vehicles and leads in the development of new solutions for businesses and OEMs, partnering with the best in the motoring and mobility space.

The RAC is backed by Silver Lake, GIC and CVC Capital Partners.

Shareholders of Top Connect have decided to attract a strategic partner for the further development and expansion of the business internationally. JTech Advisory acted as an exclusive financial advisor to Top Connect and its shareholders during the entire sale process. JTech Advisory team communicated with several international both public and private-equity backed strategic and financial investors who expressed interest in the deal during the process. During the process, JT IoT and Perwyn management team have shown their interest in the company, building a trustful relationship with Top Connect shareholders and management since their first communication and visit to Tallinn office of the company. 

Graeme Millar, CEO of JT IoT said: “We are thrilled to welcome Top Connect to the family. Top Connect’s acquisition provides a major growth opportunity for both our businesses through an extended service offering for our clients. Mutual access to new markets, products and people will add significantly enhanced capabilities for both JT IoT and Top Connect teams.”

Mark Blower, Partner at Perwyn, said: “Top Connect will bring the right expertise and services we’re seeking to add to the JT IoT portfolio to provide businesses around the world with scalable and reliable IoT connectivity. This acquisition will continue to strengthen our international growth, helping us realize the ambitious targets we set for 2022.”

Transaction value is not disclosed.

About Perwyn

Perwyn is a European private equity company specialising in buyout and growth capital investments in four sectors: Technology, Services, Healthcare, and Food & Ingredients. Typically, Perwyn invests between £20 and £200m in a limited number of businesses with the potential for significant growth.

About JT IoT

JT IoT is a leading global cellular IoT connectivity and carrier neutral IoT platform provider. Our heritage combines MNO expertise and MVNE experience to deliver service from someone that owns and operates its core and understands the needs of all aspects of the industry, from roaming to resale and back again.

Acquisition of GetaPro will expand the portfolio of the Baltic Classifieds Group, which already is represented in real estate advertisement in Latvia (www.city24.lv) and also in job and services and general classifieds portals in Lithuania and Estonia.

Apart from being an advisor to other shareholders, Managing Partner of JTech Advisory, Kirill Jurzditsky, was also an early-stage investor in GetaPro.

Alna Business group has been implementing and maintaining ERP solutions for more than two decades. Today the company prides itself in being renowned as Microsoft Dynamics and SAP experts with a dedicated team of more than 100 certified world-class professionals with over 700 ERP projects delivered to clients in 20 countries. 

The acquisition is an asset for both parties, Darius Bužinskas, CEO of Alna Business group, “This is a big move for the Alna Business group of companies in terms of market reach and new possibilities, but it is also a rather comfortable shift for our team which will get new tools and capabilities while carrying-on with our usual core business operations. Our ERP experience clicks finely into the set of highly professional services provided by Digital Mind, and we are looking forward to moving in sync and building upon each other. Moreover, the deal brings us additional potential for further expansion in Poland and other countries in Central Europe”.

Rinalds Sluckis, CEO of Digital Mind commented: “We believe that due to increasing labor shortage and market disruptions, organizations in our region would intensify implementation of intelligent technology solutions to support their sustainable business practices and resilience to rapidly changing environment. Our strategy is to offer integrated products and services that support all of the organization’s critical business functions, and strong ERP competence was missing in our portfolio. We are truly impressed by the competence, customer loyalty and service quality Alna Business group’s team has formed in more than 20 years of their operations, and we strongly believe that similarities in both companies’ values and growth ambitions will form a solid foundation for becoming a Baltic champion in enterprise business application solutions”. 

The acquisition was financed with credit provided by BPM Capital and Digital Mind’s own cash. 

Jtech Advisory acted as an exclusive financial adviser to Digital Mind during the entire acquisition and capital raising process.