NORBIT Announces Acquisition of Business and Assets from IoT Company StalkIT and Associated Companies
NORBIT | March 09, 2021
“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 created flexible tracking services with tracking gadgets and software tailored to help and keep up control of resources. Presently, the business has around 20 000 dynamic tracking units being used. As a component of the exchange, NORBIT will notwithstanding the innovation, the customer base, and the running business likewise expect responsibility for Spanish legitimate element with six employees covering business development, software development, and customer support. The StalkIT business will be incorporated in NORBIT's business section ITS.
NORBIT has been one of the accomplices of StalkIT on industrialization and production of its tracking units.
The exchange cost is consented to NOK 24 million and is relied upon to be financed by utilization of NORBIT's accessible credit lines. The culmination of the exchange is dependent upon a palatable result of due steadiness and investor endorsement in StalkIT and related organizations. Shutting is required to occur during March 2021.
As imparted in January, NORBIT is as of now in cutting-edge and elite arrangements with respect to an extra securing of an undisclosed European organization that is working in the resource and vehicle tracking space, offering a considerable portion 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.
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.