Montage Partners has sold Boundary Devices to Laird Connectivity, a portfolio company of Audax Private Equity

Boundary Devices

Founded in 2003 and headquartered in Lake Forest, California, Boundary Devices is a pioneer and leader in providing innovative System-on-Modules (SOM) and Single Board Computers (SBC) to a global customer base across high-growth end markets, including Internet of Things (IoT), commercial equipment, laboratory instruments and industrial automation. Boundary Devices provides a one-stop-shop destination, offering hardware design for NXP i.MX processors, software development, U.S.-based manufacturing and integration, all backed by world-class engineering and customer support.

The Deal

Under Montage Partners’ ownership, Boundary Devices further built a comprehensive array of highly engineered embedded solutions and in-depth technical capabilities. The acquisition of Boundary Devices significantly enhances the growing Laird Connectivity product portfolio by providing a full complement of SOM and SBC products for a wide range of customer applications. “I am excited to welcome the Boundary Devices team to our organization,” said Bill Steinike, Chief Executive Officer of Laird Connectivity. “Through combining Laird Connectivity’s wireless portfolio with the advanced embedded computing solutions from Boundary Devices, we can significantly enhance the value we bring to our customers. This acquisition, with the expansion of our product families and added resources across our advanced engineering teams, is a critical milestone in our strategic vision to help our customers accelerate and enable innovative wireless solutions.”

Our Perspective

Mike Lippert, Managing Director in Lincoln’s Technology, Media & Telecom Group, commented, “We are excited to have worked with Montage Partners and the Boundary Devices team and look forward to seeing the company’s continued growth as part of the Laird Connectivity platform. The company is poised to capitalize on the strong tailwinds and significant expansion in the broader IoT and compute markets.”

Montage Partners

Founded in 2004 and headquartered in Scottsdale, Arizona, Montage Partners is a people-first private equity firm dedicated to helping established businesses reach transformative growth. Montage Partners invests in companies with $1.5 million to $7 million of EBITDA in diverse industries, including business services, consumer, healthcare, industrial and technology.

Laird Connectivity

Laird Connectivity is a leading global provider of wireless modules, internal antennas, IoT devices and custom wireless solutions.

Audax Private Equity

Audax Group is a leading alternative investment manager with offices in Boston, New York, San Francisco and London. Since its founding in 1999, the firm has raised over $32 billion in capital across its private equity and private debt businesses. Audax Private Equity has invested over $9 billion in more than 150 platforms and over 1,100 add-on companies, and is currently investing in add-ons out of its $3.5 billion, sixth private equity fund. Through its disciplined Buy & Build approach, Audax seeks to help platform companies execute add-on acquisitions that fuel revenue growth, optimize operations and significantly increase equity value. With more than 360 employees and over 150 investment professionals, the firm is a leading capital partner for North American middle market companies. For more information, please visit the Audax Private Equity website at or follow on LinkedIn.

Montage Partners Boundary Devices Laird Connectivity Audax Group 2022 Connect with a Senior Team Member
Lincoln's market insights, expertise and understanding of our business were invaluable throughout the process. We are incredibly happy to have partnered with the Lincoln team to achieve this great outcome.
Pejman Kalkhoran
Chief Executive Officer of Boundary Devices

Meet our Senior Team

Any information or testimonials contained in this post may not be representative of the experience of other clients and is no guarantee of future performance or success.