Trondheim, 11 November 2021: NORBIT renames business segment Intelligent Traffic Systems (ITS). ITS, newly acquired iData and NORBIT’s initiative related to tailored IoT in selected niche applications will together form NORBIT Connectivity.
NORBIT Connectivity will cover the already existing business from Intelligent Traffic Systems (ITS) in addition to a new sub-segment named Smart Data, consisting of recently acquired iData, the Bluetooth Low Energy (BLE) expert NORBIT AblePay and NORBIT’s initiative within tailored IoT in selected niche applications, including asset tracking, monitoring and management solutions.
“NORBIT has a long track-record within design, manufacturing, and supply of high-volume wireless low power devices. We aim to utilize this experience in selected niche IoT applications. Connectivity provides a better description of what we do in this business unit– namely enabling our clients to further digitize their operations by; data collection and analyses with tailored sensors and connectivity devices, cloud computing and data presentation directly integrated into the client’s own business software or as stand-alone services,” says NORBIT CEO Per Jørgen Weisethaunet.
ITS will, as a sub-segment under Connectivity, continue to offer tailor-made solutions within Dedicated Short-Range Communications (DSRC), which includes electronic vehicle identification for efficient toll collection and enforcement of digital tachographs in accordance with specific European directives.
The new sub-segment Smart Data will consist of NORBIT’s new initiative within tailored IoT in selected niche applications, the Bluetooth Low Energy expert NORBIT AblePay and the recently acquired Hungarian software service provider iData, specialized in vehicle tracking and monitoring, tailored reporting, fleet management and fuel control.
“Asset monitoring solutions is as a natural extension of our business. We see niches where we can act as a technology and solution partner for companies ready to bring IoT into their core domains. With the added experience from iData with software driven subscription-based business models, we can also tailor the business model to fit different client preferences,” says Per Jørgen Weisethaunet.
Business segment Connectivity will contribute to the group’s long-term ambition which is to deliver organic revenues in excess of NOK 1.5 billion and an EBITDA margin above 25 per cent in 2024, through continued market driven R&D investments, utilizing NORBIT’s global sales and distribution platform, supplemented by a selective M&A strategy.
For more information, please contact:
Per Jørgen Weisethaunet, CEO, +47 959 62 915
Per Kristian Reppe, CFO, +47 900 33 203
NORBIT is a global provider of tailored technology to selected niches, solving challenges through innovative solutions, in line with its mission to Explore More. The company is structured in three business segments to address its key markets; Oceans, Connectivity and Product Innovation & Realization (PIR). The Oceans segment delivers tailored technology solutions to global maritime markets. The Connectivity segment (previous ITS) encompasses NORBIT’s technology within low power wireless solutions both related to electronic vehicle identification for tolling and tachograph enforcement, together with a new vertical comprising of the recently acquired Hungarian software solutions provider iData, as well as NORBIT’s initiatives within tailored IoT in selected niche applications. The PIR segment offers R&D services, proprietary products and contract manufacturing to key customers.
NORBIT is headquartered in Trondheim with manufacturing in Norway, has around 400 employees and a worldwide sales and distribution platform.