Acuity’s Richard Baker and David Copp advised the Vehco shareholders on a global exit process. The acquisition will further strengthen AddSecure’s position as a leading international provider of secure critical communications, whilst best realising Vehco’s growth potential.
Vehco is a profitable European Fleet Management Systems (FMS) platform built and positioned for continued growth and market leadership in the European market and beyond. Vehco complements AddSecure, which has operations across Europe and is aiming to expand internationally.
Vehco, established in 2001, is a leading provider of Fleet Management Systems. The core business is focused on Heavy Commercial Vehicles, where Vehco has the market leading technology proposition. The company has offices in Sweden (HQ), Finland, Norway, Denmark, Germany, France and in Italy. The company markets and sells its products through a dedicated sales team and through partners in Europe and in North America.
AddSecure is a leading IoT platform, a supplier of secure critical communications solutions backed by Abry Partners, a US private equity fund. Serving more than 50,000 customers worldwide with close to 400,000 connections and 1 million delivered connected devices, the company is dedicated to safety, reliability, quality and innovation. Headquartered in Sweden, the Group currently operates in five business segments; building security, building automation, utilities and fleet management.
Magnus Orrebrant, Vehco CEO, commented:
“We would like to thank the Acuity team for their support throughout the process. Acuity’s sector knowledge, global buyer network and hands on approach has been key in preparing us for sale, guiding the team and shareholders through the process and in driving a great outcome. The Acuity team were committed to the project throughout, across each and every detail, leveraging their detailed knowledge of the FMS market, the wider IoT sector and their broad M&A experience. I strongly recommend Acuity as an advisor that delivers in the IoT sector through both their knowledge and hands-on advice.”
Ulrika Everingham, who represents Chalmers Ventures on the Vehco Board, said:
“Vehco was founded in 2001 at Chalmers School of Entrepreneurship at Chalmers University of Technology (Sweden). Chalmers Ventures is a main investor. Over the years Vehco has grown to become a well-positioned European platform in telematics. The shareholders were looking for an acquirer with the capital and infrastructure to support further growth and scale. With the AddSecure Group as owners Vehco’s potential will best be realized.”
Richard Baker, Managing Partner at Acuity, said:
“It has been a pleasure to work with Magnus, the team and the shareholders on delivering the optimum outcome for all stakeholders. As part of AddSecure Group, we look forward to seeing Vehco further build on their market leading position in providing best in class solutions into European fleets. The European market continues to consolidate as customers look for deeper and richer solutions and we see Vehco continuing to be at the very forefront of this high growth market within Industrial IoT.”