Albion Ventures has exited its investment in RFI Global Services following the sale of RFI to Underwriters Laboratories for an undisclosed sum.
RFI is a provider of testing, approval and consultancy services to the technology market, including data security, cellular, wireless and smart card technologies.
The company tests and certifies new generations of payment devices, including contactless cards and terminals as well as broader mobile payment systems.
RFI will be integrated into Underwriters Laboratories’ verification services business.
Underwriters Laboratories, based in Illinois, specialises in safety testing and certification, with over 20 billion UL Marks issued to customers in over 100 countries.
Albion’s VCT funds have invested GBP2.2m in RFI since 2006 and will receive up to GBP4.7m from the sale, including interest paid over the course of the investment.
Ed Lascelles, partner of Albion Ventures, says: “We are pleased with the outcome of our investment. Since we first invested, RFI focused its strategy and established global leadership in its core markets. The strong management team has done well to deliver growth, particularly benefiting from developments in the mobile payments industry. The company has delivered a good return on our investment and was ungeared.”
