TH1NG has acquired all shares of the IoT platform provider IIOOTE. With this acquisition, TH1NG gains control of IIOOTE’s operations in Sweden and Germany. It offers a products featuring more than 50 pre-packaged services. This acquisition means that TH1NG now provides services to approximately 40 municipalities in Sweden and is embarking on an international expansion in Germany.
“This is a strategically great acquisition of a competitor that will now complement us and strengthen our development. The ambition is to integrate IIOOTE’s solutions with TH1NG’s IoT platform, IoT Open. Thanks to this integration, we will be able to optimise costs and expand our offering even further” says Klas Westholm, CEO of TH1NG.
IIOOTE Sweden provides services to, among others, Mittnät, including nine municipalities, as well as Servanet with six municipalities. IIOOTE also provides services to a number of corporate customers. All technical development, innovation work, and sales in Swedish company take place at the headquarters in Gothenburg.
“By integrating TH1NG‘s and IIOOTE’s technical solutions, we can both optimise the costs of services and broaden the functionality. We have a large customer base demanding more services, and with this acquisition, we add to our portfolio and expand our offering” says Westholm.
With the acquisition of IIOOTE, TH1NG also begins an international expansion. IIOOTE Deutschland, responsible for sales in German market, is also a shareholder in the company HEATMANAGER, which sells smart solutions for energy optimisation and heating control in properties. In Germany, the company has collaborations with the operator Melita and several customers in the smart city sector.
“The deal means that TH1NG also establishes a foothold in Germany, and that we can find new customers in a new market. Together, we will be able to sell and deliver more services to both existing and new customers, thus increasing our revenue” says Westholm.
“We are looking forward to further developing IoT services within TH1NG. The need for an application platform supporting various types of services, independent of technology, is increasingly in demand. TH1NG is often asked the same question, and we find ourselves in a very clear synergy where one plus one equals three. Today, IIOOTE has around 40 customers in various smart applications, and we are ready to scale up significantly together. Thus, we are prepared for expansion and larger deals in a market where IIOOTE has gained a lot of trust” says Robert Spertina, CEO of IIOOTE AB.
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