Smart exit for Carlyle

New York-headquartered LBO firm the Carlyle Group has sold SmartTrust, a developer of mobile phone device management operations to Giesecke & Devrient, one of the world’s largest suppliers of banknotes for an undisclosed sum.

While under the stewardship of Carlyle, technology from the Swedish-based SmartTrust, was used by network operators including Vodafone, T-Mobile, AT&T and Telenor.

Managing director and co-head of Carlyle’s European technology team, Michael Wand said: “We led the spin-out from TeliaSonera in October 2002 with a long-term view and are extremely proud to have supported the company through a successful turnaround.”

Carlyle’s investment in SmartTrust was made through Carlyle Europe Venture Partners, a fund that was launched in 2000 with €553m, focusing on emerging technology companies in Europe.

In 2002, Carlyle led a syndicate that included GE and Eqvitec Technology Fund which purchased a majority shareholding of SmartTrust.