Providence Equity Partners, a private equity firm, has purchased Airties from Invus.
Airties is a provider of cloud-based managed in-home Wi-Fi services, serving Internet service providers with a combined footprint of over 80 million households. The Smart Wi-Fi portfolio from Airties includes Airties Edge, smart Wi-Fi software for gateways; Airties Cloud, a cloud-based management platform and its companion app, Airties Vision; and Wi-Fi mesh extenders.
Providence is a premier global private equity firm with approximately $31 billion in aggregate capital commitments. Providence has invested in more than 170 companies and focuses on the media, communications, education and technology sectors.
Philippe Alcaras, CEO of Airties, said, “We are proud of the leadership position we have achieved and thank our Board and investors for supporting us on this journey. We are excited to work with Providence as Airties continues to build momentum and enter the next stage of its growth journey. We could not have found a better partner to help us accelerate our development globally.”
Airties was advised by Stifel (M&A), alongside Esin Attorney Partnership and Baker McKenzie London (M&A Legal), EY (Vendor Tax and Financial), PwC (Tax and Structuring), YC Law (Corporate Legal), DLA Piper (Management Legal) and Liberty Partners (Management). Providence was advised by LionTree (M&A), Allen & Overy (Legal), FTI Consulting (Financial), KPMG (Tax and Structuring) and EY Parthenon (Commercial).