An growing company in the mobile access control and identity market has scored its second significant victory in the market over the last few months after inking a deal with a giant private equity firm.
European PE company Triton Partners announced Monday it had acquired WaveLynx Technologies and plans to invest a significant amount of money in the firm as it looks to build its security portfolio.
WaveLynx has been a rising leader in providing secure and open mobile-first identity and access control solutions, and the funding is sure to provide a shot in the arm for the company vs. its chief competitor, HID Global Corp. and its parent company Assa Abloy.
In early 2022 HID sued WaveLynx for patent infringement and even expanded the charges later that year, but the case was settled earlier this year, IPVM reported. The news site also reported WaveLynx had fought back with its own legal challenges against HID before the settlement occurred.
Terms of Monday’s deal – which Triton preferred to phrase as a “partnership” between itself and WaveLynx’s co-founders and management – were not disclosed. WaveLynx says it will be an independent Triton portfolio company.
Triton says it plans to work in close partnership with WaveLynx, “applying 25 years of experience in industrial tech investing and security expertise, “to accelerate the company’s growth trajectory and success to date.”
“Physical security is a key focus area for Triton. Our investment professionals and industry experts identified WaveLynx as a platform that is on the right side of a number of the megatrends backing the sector and a company with a unique culture of innovation,” says Sachin Jivanji, Investment Advisory Professional at Triton. “We look forward to supporting the world-class team around Hugo Wendling and Robert Lydic to jointly continue the WaveLynx success story.”
Acre, which provides access control, visitor management, and intrusion, workplace, transmission, and connectivity solutions, is another security firm that has been in Triton’s portfolio since 2021.
Wendling says the partnership with Triton “allows WaveLynx to accelerate its growth and double down on its commitment to its customers to remain independent and to continue to develop the most advanced and valuable technologies for the commercial security market.
“With Triton’s strong commitment to the Security industry and its team’s intricate understanding of it, we will further develop our technology proposition, invest in new products and talent, scale our operations globally, and consider acquisition opportunities that complement our offering,” he says.
Triton, founded in 1997, is a European mid-market sector-specialist investor that focuses on businesses that provide important goods and services in the business services, industrial tech, healthcare, and consumer sectors.