Munich-based manufacturer of industrial IoT devices, ProGlovewas acquired by a private investor Northern capital. While Nordic Capital partner Rainer Lenhard refuses to comment on the financial performance of the deal, are market experts citation an estimate of half a billion euros for ProGlove.

According to the statement, the acquisition will provide ProGlove with a healthy injection of capital that will be used to continue expansion plans as well as invest in further product development. The company was previously supported by Meeting partners, DI technologyand Bayern Capital.

ProGlove portable barcode scanners include a number of built-in IoT sensors that allow hands-free data capture. The technology has been rapidly implemented since 2014, especially in retail and e-commerce, logistics and warehousing, manufacturing and the automotive industry. ProGlove lists Mercedes Benz, VW, BMW, DHL, XPO Logistics, GAP and Staples among its customer base.

“This opportunity to work with Nordic Capital is essential for ProGlove to help us gain further momentum on our growth path. Based on Nordic Capital’s vast experience in industrial IoT and SaaS, we will be in a very strong position to reach our full potential, ”commented the CEO of ProGlove. Andreas Koenig.

The acquisition is, of course, subject to normal regulatory approvals, and once completed, Nordic Capital will become a majority shareholder in ProGlove, with the company’s founders and management retaining their minority stakes.

“The ProGlove team has built an exceptional business with strong experience for high quality growth. ProGlove is a technology leader with strong competitive differentiation and a unique value proposition for customers to enable seamless human-machine collaboration, ”concluded Nordic Capital. Andreas Nesvik.

https://tech.eu/2022/05/04/valued-in-the-neighbourhood-of-eur500-million-munichs-proglove-acquired-by-nordic-capital

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