Jun 24, 2021
Perwyn acquires majority stake in JT’s IoT division, Jersey’s biggest tech business
Announcing the acquisition of a majority stake in JT’s Internet of Things (IoT) division. The business, which has doubled in size every year for the last three years, provides device connectivity services to customers around the world, with almost 10 million JT SIMs in active use today. It was created in 2014, as part of JT’s international expansion drive, and the acquisition has been timed to maximise the growth potential of the business. The business will remain headquartered in Jersey and JT will retain a minority stake.
Mark Blower, Partner Perwyn, commented: “Perwyn has a major focus on, and experience in, technology enabled services. Therefore, the IoT business fits perfectly into our stable alongside our other investments in other high growth tech sectors such as web hosting and analytics. Fortunately for us, our growth themes have not changed in a Covid-19, or post Covid-19 world. If anything, the IoT will continue to take off as the adoption of device usage expands.”
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