German businessman and tech entrepreneur Hakan Koç and former telecoms executive and private equity investor Pyrros Koussios (the “Investors”), today announce that they have completed, with immediate effect, their acquisition of Truphone, the first global mobile operator.
The Investors are buying the assets and subsidiaries of Truphone Limited, following the completion today of the company’s restructuring and the recent receipt of National Security and Investment Clearance from Rt Hon. Grant Shapps MP, the Secretary of State for Business, Energy and Industrial Strategy (BEIS) as well as a license from the Office of Financial Sanctions Implementation (OFSI) at HM Treasury.
The assets of the Truphone business have been acquired by TP Global Operations Ltd., a newly incorporated vehicle that is 100% owned by the Investors. The Investors intend to immediately provide additional funding to support the ongoing business and its future development, with a particular focus on its leading product offerings in the areas of:
• The growing market of compliance solutions for recording mobile communications and messages for regulated financial institutions. This is a domain where Truphone already offers some of the most innovative solutions accepted by regulators, serving the increasing demands for compliance technologies that financial institutions like banks and asset managers are facing
• Its leading eSIM technology for supporting mobile network operators and global device manufacturers meeting customer demand for eSIM-enabled communications as more devices start shipping without traditional plastic SIMs
• The unique international capabilities of the core Truphone network and its mobile virtual network operator (MVNO) licenses in nine countries – with new countries to be added – to develop and grow applications in the Internet of Things (IoT) space
Commenting on the acquisition, Pyrros Koussios said: “Truphone is an innovative and highly specialized mobile telecommunications player, with established industry-leading R&D at the forefront of important innovations like the eSIM technology. We were attracted to the breadth and sophistication of the services offered. The company has continued to grow strongly in 2022 despite the uncertainties caused by its prior ownership and delivered growth well above 20%. This impressive performance underlines the quality and resilience of the business as well as the commitment of its employees.”