JT, a Channel Islands telecoms firm, has sold the majority stake in its internet of things (IoT) division to private equity firm Perwyn for an undisclosed amount.
The sale of the IoT business unit, which has been doubling in size every year since 2019, secures additional investment from an equity firm that specialises in risk capital to rapidly growing technology businesses.
“Together we have grown this business from inception into an entity worthy of a sale at this scale,” said Phil Male, JT’s chairman.
“Now is the right time for JT to sell the majority of this business, in order to further turbo-charge that success. Whilst retaining a minority stake and becoming a supplier to Jersey’s biggest technology business, we believe that in Perwyn we have an owner for the business with the vision and risk appetite to fund and grow this young, dynamic and growing global Jersey business,” he added.
JT will continue to supply services to its former company. According to chief minister, Senator John Le Fondré, the deal illustrates that Jersey is a viable incubator for successful digital businesses.
“This is good news for Jersey and a clear marker of just what can be achieved in the digital economy. We welcome this significant inward investment to the Island, which will lead to growth and exciting employment opportunities for Islanders,” he added.
