Simulity provides embedded operating system software and related server systems for SIM cards and embedded SIMs (‘eSIMs’), allowing Internet of Things (IoT) devices to securely connect to networks.
Foresight bought the business only last October for around £4m – meaning a massive return on its investment in percentage terms.
Since then, Simulity has transitioned its business model towards software licensing, launched into the IoT market with its eSIM technology and increased staff numbers by a quarter with new international offices in South Africa and India to supplement existing offices in Northern Ireland and Wales.
James Livingston, a partner at Foresight and previously a director of Simulity, said: “We are delighted to have supported the management team at Simulity in the rapid growth and transition of their business, and successful sale.
“The vision of the management team and their deep market knowledge enabled them to develop pioneering technology which will be a key enabler of the IoT market”
Simulity founder and CEO Stéphane Fund said: “The institutional backing of Foresight allowed us to scale the business and continue to build our world leading team and technology, whilst also providing huge credibility in discussions with large global corporates.”