Providence agrees to acquire Airties

Airties a leading provider of cloud-based managed Wi-Fi solutions to operators globally, announced that its Board and principal shareholders, including Invus, an evergreen equity investor, have agreed to the acquisition of the Company by Providence Equity Partners (“Providence”), a premier private equity firm that specializes in growth-oriented investments in media, communications, education and technology. Financial terms of the transaction were not disclosed.

Founded in 2004, Airties is a leading provider of cloud-based managed in-home Wi-Fi solutions, serving internet service providers (“ISPs”) with a combined footprint in excess of 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.

Providence’s investment will assist Airties with accelerating growth into new markets globally, as well as funding additional R&D and product innovation to continue delivering 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 is well-positioned to harness its expertise, network and resources to support Airties as it enters a transformative new chapter.

Philippe Alcaras, CEO of Airties, said: “We are proud of the leadership position we have achieved and thank our Board and investors for supporting us on this journey. We are excited to work with Providence as Airties continues to build momentum and enter the next stage of its growth journey. We could not have found a better partner to help us accelerate our development globally.”

Evren Bilimer, Managing Director at Invus and Board member of Airties, 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.”

Michaël Vervisch, Managing Director at Providence, said: “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. 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.”

Airties’ innovation has been recognized by numerous esteemed industry bodies, winning: “Best Home Wi-Fi Solution Award” from Broadband World Forum; the “Best Wi-Fi Service Provider Solution” and “Best Home Wi-Fi Product” awards from Wi-Fi NOW; “Best-In Home Wi-Fi Network” from Wireless Broadband Alliance; the “Best Broadband Customer Experience” award from Cable & Satellite International; and many others.

Airties was advised by Stifel (M&A), alongside Esin Attorney Partnership and Baker McKenzie London (M&A Legal), EY (Vendor Tax and Financial), PwC (Tax and Structuring), YC Law (Corporate Legal), DLA Piper (Management Legal) and Liberty Partners (Management). Providence was advised by LionTree (M&A), Allen & Overy (Legal), FTI Consulting (Financial), KPMG (Tax and Structuring) and EY Parthenon (Commercial).

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