Swedish AIoT specialist Tritech Solutions changes hands
Tritech has a strong focus on embedded and artificial intelligence in the Internet of Things (AIoT) for industrial applications and has had a steady and profitable growth since its inception in 2013 with eight staff and a turnover of SEK60m (€5.8m)
Addtech is an SEK11bn (€1bn) publicly listed technical solutions group in Sweden with 3000 employees in 140 subsidiaries that operate under their own brand names. Tritech Solutions will be part of the Addtech Automation group
The acquisition of Tritech Solutions further strengthens Addtech’s position as a leading supplier within embedded-, automation- and IoT hardware and software alongside companies such as Recab UK, Isotron Systems and Gigacom in the Automation unit.
”We feel very excited to become a part of the Addtech-group” says Jörgen Carlsson, CEO of Tritech Solutions. “We will be part of a very solid organisation with a decentralised strategy, where Tritech Solutions can continue to develop its strengths while focusing on key accounts. Our goal, like before, is industry leading profitable growth with greater possibilities to broaden our offering, while retaining our technical capabilities and agile processes.”
“It’s with great pleasure that we welcome Tritech Solutions to Addtech,” said Cees Koetsier, Business Unit Manager for Addtech Automation. “The embedded industry is increasingly moving towards high industrial IoT and artificial intelligence solutions. Tritech Solutions has already proven its strong position here and we look forward to even increase the offerings for the customers in this area. We expect Tritech Solutions to benefit from the vast expertise of the Addtech ecosystem within Embedded, I-IoT and AI solutions – and certainly also vice versa.”
Tritech Solutions was majority owned by Prevas and the deal follows the merger of Prevas with consultancy Evotech at the beginning of the year.
“The company has solid business operations and a strong history,” said Johan Strid, CEO of Prevas. “Following the merger with Evotech, we have together with the minority shareholders evaluated the best way forward, and determined that the company is best developed in another constellation.”
“The payment we receive can be used in conjunction with new potential acquisitions,” said Strid.
The deal is set to complete by the beginning of August.
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