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.