Perwyn LLP on June 24 said it has agreed to buy a majority share in the internet of things business of JT Group Ltd., the parent company of Jersey Telecom.

No terms were disclosed, but local media reported the deal reflected an enterprise value of £200 million ($278 million).

Based in St. Helier, Jersey, in the Channel Islands, JT IoT supplies IoT connectivity and remote management of around 10 million subscriber identity modules, or SIMs, and linked devices across the world.

Supported by a team of 70 people and over 500 roaming agreements with global operators, JT IoT offers multiple network access through a single SIM. Its technology also allows a change of network providers over the air.

Jt IoT was founded in 2014 as part of publicly owned Jersey Telecom’s international expansion drive. JT will retain a minority stake in the business, which will remain headquartered on the island.

Jersey has traditionally focused on financial services as an offshore tax jurisdiction and developed a secondary reputation for its dairy farming. It has been keen to attract and retain technology businesses especially in the digital sector and said the deal will both bring in much needed inward investment and create jobs.

Perwyn founder and managing partner Andrew Wynn in a statement said the deal would “augment the island’s future as an incubator for innovative businesses.”

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