3i sells UbiNetics to CSR

Global venture capital group 3i has announced the sale of its stake in Cambridge-based UbiNetics for $48 million (£27.3 million), representing an 80 per cent return on investment in just 18 months.

Acquiring the stake in mobile handset software developer UbiNetics was Cambridge Silicon Radio (CSR), a short-range wireless technology business that is, itself, a member of 3i’s portfolio. As the latter’s Laurence Garrett concedes, this association played a key role in the transaction. ‘Our knowledge of CSR made us realise that the UbiNetics business would be a fantastic fit,’ he elaborates. ‘We remain a substantial investor in CSR and have genuine belief in what the management team are creating.’

Though the deal represents 3i’s fourth Cambridge-based exit in the past 12 months, the group retains investments worth more than £75 million in the region.

Leslie Copeland

Leslie was made Editor for Growth Company Investor magazine in 2000, then headed up the launch of Business XL magazine, and then became Editorial Director in 2007 for the online and print publication portfolio... More by Leslie Copeland