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Mercato Partners' Traverse Fund Portfolio Company Cradlepoint Acquired for $1.1B

SALT LAKE CITY, Sept. 18, 2020 /PRNewswire/ -- Today, Ericsson, a global leader in Information and Communication Technology (ICT), announced its acquisition of Cradlepoint, a Mercato Partners Traverse Fund III portfolio company for $1.1B.
Mercato Partners' Traverse Fund Portfolio Company Cradlepoint Acquired for $1.1B
This marks the second $1B-plus acquisition for a Mercato Partners Traverse Fund company and the third overall in 2020. The first came in April during the onset of the pandemic, as Salt Lake-based Galileo Financial Technologies was acquired by fintech giant SoFi for $1.2B. This announcement adds to a busy year for Mercato, which saw Utah-based Central Logic acquired by Rubicon Technology Partners in June.This transaction highlights Mercato's Traverse Fund's strategy A­of seeking rare opportunities in underserved and overlooked markets and applying stage-specific guidance to help them achieve transformative growth. Over the past 11 years, the team has found, funded, and collaborated with high-growth companies to build long-term value and enable successful exits, serving our entrepreneurs, our investors, and our communities."We offer our sincere congratulations to George Mulhern and the entire team for successfully nurturing a vision of wireless interconnectivity in the Intermountain West," said Joe Kaiser, director at Traverse Fund. "Building a world-class technology company in the shadows of the Sawtooth Mountain Range in Idaho is a tribute to their determination and reinforces our belief at Traverse that innovation is not limited by location.A  We look forward to their integration with the global telecom power, Ericsson."
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