UbiNetics

In July 2005 3i sold its remaining investment in UbiNetics to Cambridge Silicon Radio ("CSR"), the leading global provider of Bluetooth technology, which 3i had backed in 1999 and helped float on the London Stock Exchange in April 2004.

The deal at US$48 million, together with the sale in May 2005 of UbiNetics' test and measurement business to Aeroflex for US$84 million, delivered a total 2.4 times money multiple and an IRR of greater than 75% for 3i in less than 18 months.

UbiNetics, a global supplier of the software and silicon IP for wireless terminals, which drives 3G mobile wireless technology, was founded by PA Consulting Group in 1999. The company grew from just 16 employees at its formation to over 400 employees and a £24 million turnover prior to the disposal.

3i's investment in UbiNetics was part of an ongoing collaboration with PA.

3i invested in the company in 2004, attracted by the huge potential of the 3G market. Laurence Garrett of 3i joined the board as a non-executive director together with John Scarisbrick, who 3i introduced. 3i subsequently helped UbiNetics to recruit a chief financial officer.

Working closely with the board on strategy, 3i was able to identify that the UbiNetics' handset business would be an excellent strategic fit for CSR, in which 3i remains a substantial investor. 3i made the initial introductions between the two companies, actively demonstrating both the value of 3i's network and its sector experience.