Forward support Wireless Innovation on the acquisition of Ground Control Inc.

Forward Corporate Finance is delighted to continue its relationship with Horizon Capital portfolio company Wireless Innovation, providing support on its US acquisition of Ground Control Inc.

California-based Ground Control, founded in 2002, delivers a broad range of Internet of Things (IoT) and Machine-to-Machine (M2M) connectivity and hardware. It has experienced substantial levels of growth serving both corporate and government agency clients.

Wireless Innovation is an M2M and IoT connectivity and communications provider. Horizon acquired the business in 2017 after identifying the M2M and connectivity sector as a fragmented and high growth market. With the Ground Control acquisition, the Group now has the technology, scale and geographical reach to provide comprehensive connectivity solutions to clients internationally, and takes Group revenues from £8m at the time of the original Horizon investment to in excess of £28m.

Forward provided financial support to Wireless Innovation on the transaction. This included working with the management of Ground Control to develop their financial forecasts, as well as supporting the Wireless Innovation team to develop an integrated group model to support funding drawdown for the transaction.

Commenting on the transaction Steve Smith, CFO said: “Forward know our business well having worked on both the original Horizon investment, and the subsequent RockSeven and YB Tracking acquisitions. They provided valuable support to both me and the Ground Control team in pulling together the detailed models and information required by Horizon and the bank.”

Forward Corporate Finance Director, Sarah Moores, commented, “It has been a pleasure to work with the Wireless Innovation team again on this latest acquisition. We wish them every success as they develop their business in North America.”