Acuity Advisors secures the merger between Business Growth Fund-backed Sub10 Systems and US firm Fastback Networks to create global wireless backhaul company

Independent corporate finance boutique, Acuity Advisors, has secured the cross-border merger between Sub10 Systems Limited, based in Newton Abbot, Devon, and Silicon Valley-based Fastback Networks to create a truly global wireless backhaul company focused on providing high performance backhaul solutions essential to the deployment of LTE, LTE-A, VoLTE, 4G and 5G mobile networks.

The new entity will converge Sub10 and Fastback’s powerful and proven technology platforms and intellectual property to enable the industry’s first hybrid – sub 6GHz and mmWave – Any Line of Sight™ backhaul solutions.

Fastback, which is based in San Jose, California, delivers innovative mobile infrastructure technology, enabling network operators to provide enhanced wireless solutions to its customers. Fastback is funded by Foundation Capital, Granite Ventures, Harmony Partners, Juniper Networks and Matrix Partners.

Business Growth Fund, Sub10’s main shareholder, remains as a minority investor in the enlarged entity with all of the previous investors in the two companies participating as investors in the new combined company. The merged company will operate as Fastback Networks and the founders and existing executives of both companies will lead the new business.

This transaction consolidates further Acuity’s market leading reputation and track record in the telecommunications space, having advised on the sale of unified communications player JMC Mobile, the cross-border sale of Cambridge–based Zinwave, a leading global supplier of in-building wireless coverage solutions, and on the successful $9 million Series B funding round for Eseye.

Stuart Broome, CEO at Sub10 Systems, commented: “From the outset, the Acuity team proved their detailed understanding of the wireless industry, demonstrating both the technical and market knowledge necessary to gain the trust of all parties. Combining a hands-on approach with a deep understanding of the mobile sector, Acuity was a catalyst in the merger of Sub10 and Fastback, creating a powerful and leading force in wireless backhaul solutions as the small cell market continues to gain momentum. I am happy to recommend Acuity to other companies in the telecommunications industry that are seeking new strategic relationships and investment to grow their market presence and technology leadership.”

Ned Dorbin, Investment Director at Business Growth Fund, commented: “Acuity did a fantastic job in advising Sub10’s shareholders. The whole process was very thorough and they identified the perfect partner in Fastback Networks. We selected Acuity for their sector knowledge and their level of drive and commitment. I’m pleased to say they exceeded expectations on all of these fronts and I’m looking forward to working with them again.”

Marcus Allchurch, lead Partner at Acuity Advisors, commented: “We recognise that backhaul availability and cost are key obstacles to the widespread deployment of the small cell networks which are needed to deliver LTE and 5G network architectures. Our unique blend of technical and commercial expertise in the telecoms sector was clear to Sub10 Systems and to Business Growth Fund, and we were delighted to be appointed to work with the team to find a strategic partner for Sub10. This merger with Fastback is really exciting; it provides Sub10 with the firepower and reach to undertake a major land-grab in this market, it provides BGF and the team with a new chapter in their investment, and it provides yet further endorsement of the quality and talent of UK technology companies.”

quote Acuity did a fantastic job in advising Sub10’s shareholders. The whole process was very thorough and they identified the perfect partner in Fastback Networks. We selected Acuity for their sector knowledge and their level of drive and commitment. I am pleased to say they exceeded expectations on all of these fronts and I am looking forward to working with Acuity again. quote
Ned Dorbin Business Growth Fund

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