Top Connect was founded more than 20 years ago and is one of the world’s leading alternative roaming service providers. Top Connect is a fully licensed MVNO and provides Sponsored Roaming and e-Profile solutions for various service providers. Top Connect can provide access to 350+ roaming partners in over 210 global destinations. The acquisition of this IoT and roaming connectivity provider and its expert team will accelerate JT IoT’s plan to build a stronger global IoT ecosystem and to expand into new markets and use cases.
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.
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.