German technology entrepreneur Hakan Koç and former telecommunications executive and private equity investor Pyrros Koussios have acquired global mobile operator Truphone.
The pair purchased the assets and subsidiaries of Truphone Limited for £1 after the company completed restructuring and received National Security and Investment clearance from the Secretary of State for Business, Energy and Industrial Strategy.
Previously part-owned by Roman Abramovich, the former owner of Chelsea Football Club who was sanctioned by the UK government following Russia’s full-scale invasion of Ukraine in 2022, Truphone was valued at £386 million in 2018.
Koç and Koussios plan to inject additional funding immediately to support ongoing operations and future development. Their strategy focuses on strengthening Truphone’s leading products across several key areas:
• Compliance solutions for recording mobile communications and messages used by regulated financial institutions. Truphone already provides innovative, regulator-accepted technologies to meet growing compliance requirements for banks, asset managers and other financial firms.
• eSIM technology to support mobile network operators and device manufacturers as more devices ship without physical SIM cards. Truphone’s eSIM capabilities aim to help partners meet rising consumer demand for embedded SIMs.
• The international reach of Truphone’s core network and its mobile virtual network operator (MVNO) licenses across nine countries, with plans to expand into more markets. These resources will be used to develop Internet of Things (IoT) applications and services.
Koussios commented: “Truphone is an innovative, highly specialized telecoms company with industry-leading R&D at the forefront of innovations such as eSIM. We were impressed by the breadth and sophistication of its services. Despite uncertainty tied to prior ownership, the company continued to grow strongly in 2022, delivering growth above 20%. That performance highlights the business’s quality and resilience as well as the dedication of its employees.”
Koç added: “I recognize a great tech company when I see one. Truphone’s R&D hub in Lisbon is particularly impressive. We look forward to executing accelerated growth plans and delivering new, innovative products for customers. The funding we’re providing will boost capital investment in the core network and build new software and API-driven digital capabilities to serve enterprises and tech companies alike. I consider myself an ambassador for startup thinking within the company—this is an industry where modern technology still must reconcile legacy processes, and we’re here to do that.”
Harry Odenhoven, Truphone’s CEO, said: “Truphone is a strong business built on a privately owned and operated global core telecommunications network, offering a comprehensive set of value-added communication services to multinational clients with complex international needs. We are trusted by leading banks, device manufacturers, network providers and companies around the world, and we’ve supported partners through ongoing macroeconomic challenges. I want to thank our customers and suppliers for their support and trust now and in the future.”
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