Revolutionising your Service Provider Experience
First Investment: June 2014
Devoli is an Internet Service Provider that provides wholesale and corporate telecommunication services, network automation capabilities, and hosting to businesses predominantly in New Zealand and Australia. Devoli is growing rapidly, is cash flow positive and has over $15 million in annualised revenue. Devoli is based in Auckland with an office in Sydney and a network that extends to the United States.
LWCM is active in the governance of Devoli. Punakaiki Fund has agreements to purchase an additional 13.6% of the current Devoli shares on issue to bring the total shareholding to 54%, with the timing of this additional investment conditional upon the results of this and future offers. Lance Wiggs’ brother, John Wiggs, beneficially owns 4.0% of Devoli.
*At the date of the October/November 2018 PDS, Punakaiki Fund has agreements to purchase additional Devoli shares equal to 13.6% of the current shares on issue, to reach a total of 54.0%.