|By Business Wire||
|October 9, 2012 08:07 AM EDT||
Inverness Graham Investments, a private equity firm based in suburban Philadelphia, announced today the controlled recapitalization of RACO Wireless, a machine-to-machine (M2M) enabler based in Cincinnati, Ohio, in a move that positions it to take advantage of the rapidly growing M2M market. RACO Wireless is a leading provider of wireless data solutions to the M2M industry.
This acquisition is the first step in a larger strategy to becoming the leader in M2M wireless enablement. RACO Wireless has proven the success of their model with back to back years of 300%+ growth. “With RACO Wireless’s industry leading and award winning Omega Management Suite (OMS) platform as the foundation, we will be aggressively growing the M2M business through both acquisition of other industry players and continued organic growth,” said Rob Adams, CEO of RACO Wireless. “We not only want to grow our business but we want to help our customer partners grow their businesses with the additional value-added services and collaboration that RACO Wireless will be bringing to the table.”
The RACO Wireless leadership team, with a combined 200 plus years of M2M experience, will continue to manage the business. “Our message of being the easiest to do business with because we have the most experienced team, with the best tools will not change. This investment provides RACO with another avenue to accelerate our growth in an industry that is expanding at an unprecedented rate,” said John Horn, President of RACO Wireless. “I am proud of what we have accomplished so far but it is just the beginning of what will be an incredible future.”
Inverness Graham along with other strategic partners like Silicon Valley Bank is making a major commitment to M2M. “RACO Wireless has executed a great business plan and built a model for success in the M2M industry. With the addition of our financial resources we will be able take growth to an even greater level and establish RACO as the clear leader in the space,” stated Michael Morrissey, Managing Principal at Inverness Graham. “We grow companies in partnership with management by executing a focused buy and build strategy.”
About RACO Wireless
RACO Wireless, as a T-Mobile partner for 10 years, is a leading provider of wireless data solutions to the machine-to-machine (M2M) industry. The company specializes in delivering wireless data your way by making it easy for companies to build, support and enhance wireless M2M applications. RACO Wireless can assemble a flexible, end-to-end M2M wireless connectivity solution for its partners - including delivering custom rate plans, tailored billing solutions and customized wireless connectivity as well as helping them brand their M2M applications and delivering 24/7 customer service. Among its numerous awards, RACO Wireless has been recognized with a Stevie® Award from the American Business Awards as 2012’s “Most Innovative Tech Company” and as the “2012 Entrepreneurial Company of the Year” by Frost and Sullivan. For more information, visit the company’s website at http://www.racowireless.com/company/press.
About Inverness Graham Investments
Inverness Graham is an operationally focused, lower middle market private equity firm headquartered in suburban Philadelphia. Inverness Graham acquires high growth, innovative manufacturing and service companies. The firm has over $250M of assets under management and was founded by senior executives of the Graham Group, an alliance of independently owned and operated industrial and investment management businesses that share in the common legacy of entrepreneur Donald C. Graham's industrial endeavors. For more information, please visit www.invernessgraham.com.
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