NORBIT strengthens its position within asset tracking through IoT acquisition
NORBIT today announces an agreement for acquisition of business and assets from the Norwegian IoT company StalkIT and associated companies.
“Through the acquisition we are broadening our product offering and strengthening our position in the asset tracking vertical. This is a strategic fit with NORBIT’s plans to grow a new subsegment based on selected IoT/5G niche applications,” says Per Jørgen Weisethaunet, CEO of NORBIT.
StalkIT has developed flexible tracking services with tracking devices and software tailored to support and maintain control of assets. Currently, the business has approximately 20 000 active tracking units in use. As part of the transaction, NORBIT will in addition to the technology, the customer base and the running business also assume ownership of a Spanish legal entity with six employees covering business development, software development and customer support. The StalkIT business will be integrated in NORBIT´s business segment ITS.
NORBIT has been one of the partners of StalkIT on industrialization and production of its tracking units.
The transaction price is agreed to NOK 24 million and is expected to be financed by use of NORBIT´s available credit lines. Completion of the transaction is contingent on a satisfactory outcome of a due diligence and shareholder approval in StalkIT and associated companies. Closing is expected to take place during March 2021.
As communicated in January, NORBIT is currently in advanced and exclusive negotiations regarding an add-on acquisition of an undisclosed European company which is operating in the asset and vehicle tracking domain, offering a substantial share of recurring subscription-based revenues.
“The two acquisitions jump start our strategy of building a new vertical within our ITS segment with a subscription-based revenue model where we also take advantage of NORBIT’s existing key competence within high-volume wireless low power devices and utilizing our sales and distribution platform” says Per Jørgen Weisethaunet.
For further queries, please contact:
Per Jørgen Weisethaunet, CEO, +47 959 62 915
Per Kristian Reppe, CFO, +47 900 33 203
About NORBIT ASA
NORBIT is a global provider of tailored technology to carefully selected niches. The company’s business is structured to address its key markets; Oceans is offering tailored technology solutions to global maritime markets, Intelligent Traffic Systems (ITS) is offering connectivity solutions for vehicle identification and tracking, and Product Innovation and Realization (PIR) is offering R&D services and contract manufacturing to key customers.
NORBIT is headquartered in Trondheim, Norway, with manufacturing facilities in Selbu and Røros, Norway and 14 offices and subsidiaries around the world.