The Carlyle Group has fully exited its investment in SmartTrust, a developer of software for mobile phone operators, through a sale to international technology group Giesecke & Devrient. No financial details were disclosed.
While owned by Carlyle, Sweden-based SmartTrust developed technology used by a number of mobile networks worldwide, including Vodafone, T-Mobile, AT&T and Brasil Telecom.
Carlyle headed a syndicate including GE and the Eqvitec Technology Fund, which in 2002 purchased a majority shareholding of SmartTrust. Carlyle’s investment in SmartTrust was made through the €553 million Carlyle Europe Venture Partners fund, which was launched in January 2000. Financial details of the sale to G&D have not been disclosed.
“SmartTrust is an outstanding example of a European company that has created a dedicated global customer base through innovation and excellence in execution,” says Michael Wand, managing director and co-head of Carlyle’s European Technology Team (CETP). “CETP’s achievement with SmartTrust is a great endorsement of our strategy and testament to our ability to enhance businesses and maximise long-term value creation. We believe G&D is an excellent partner for the business and their acquisition of the company in these challenging economic times demonstrates that there is still appetite for strategic assets.”
Earlier this month, Carlyle announced its exit from in the Chinese subsidiary of Wall Street Institute, an English language school, via a sale to Pearson for $145 million.
The firm bought the company in 2005 for an undisclosed sum, alongside co-investor Citi Private Equity, via Carlyle Venture Partners II, a $600 million US growth capital fund.
D.C.