Providence to acquire Airties | Infrastructure | News | Rapid TV News
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In a transaction that is said to be designed to accelerate global smart Wi-Fi adoption, the board of cloud-based managed Wi-Fi solutions provider Airties and principal shareholders, including evergreen equity investor Invus, has agreed for the company to be acquired by Providence Equity Partners.
Airties Telstra Smart Modem 24march2022
Founded in 2004, Airties currently serves internet service providers with a combined footprint of more than 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.

Premier private equity firm Providence specialises in growth-oriented investments in media, communications, education and technology. Detailed financial terms of the transaction were not disclosed but Providence says that its investment will assist Airties with accelerating growth into new markets globally, as well as funding additional R&D and product innovation to continue delivering what the company calls “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 believes that it is well-positioned to harness its expertise, network and resources to support Airties as it enters what it calls a transformative new chapter.

“We have been impressed by the strength and quality of Airties’ cloud-based managed Wi-Fi solutions and strongly believe its leading software offering, together with its deep expertise in integrating across hardware technologies and operator platforms, positions Airties as a preferred partner for broadband service providers,” remarked managing director Providence Michaël Vervisch. “We see tremendous potential to continue Airties’ growth trajectory by extending its global reach and expanding its offering. Additionally, we believe its culture of innovation and success make it a perfect fit for us. We look forward to partnering with Philippe and his outstanding team by leveraging our deep sector expertise in the next chapter of the company’s journey.”

Once the transaction is complete, Airties will continue to be led by current CEO Philippe Alcaras. Commenting on the deal, Airties board member and Invus managing director at Evren Bilimer said: “When my partner, Mario Kaloustian, and I met the founding team of Airties led by Bülent Çelebi and Metin Taşkın in 2010, they had a clear vision for the Internet of the future and centrality of Wi-Fi within it. Over our 12-year journey with the team, Airties has been at the forefront of the Wi-Fi revolution as it transformed its business from a hardware centric business in Turkey to a global software powerhouse both on the edge and the cloud, while also providing the most advanced access points. We are excited to now hand over the baton to the Providence team for the next chapter of Airties.”