Swisscom Ventures reaps reward from selling portfolio company Firecomms to ZJF Group.
ZJF Group, a China-based maker of fibre optics, has acquired Ireland-based peer Firecomms to provide the first exit to Swisscom Ventures, Switzerland-based telecom provider Swisscom’s corporate venturing unit.
The value of the exit was undisclosed, although ZJF said it would invest €5m ($6.8m) in research and development in Ireland and expand Firecomms’ engineering team from 18 to 30 people over the next 12 months.
Swisscom Ventures was launched in 2005 and aims for strategic and financial returns.
Firecomms raised…
