Munich-based maker of industrial IoT devices, ProGlove, has been acquired by private equity investor Nordic Capital. While Nordic Capital partner Rainer Lenhard declined to comment on the financials of the deal, market experts are citing a half a billion EUR valuation for ProGlove.
According to a statement, the takeover 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 firm has been previously backed by Summit Partners, DI Technology, and Bayern Kapital.
ProGlove’s wearable barcode scanners include a number of embedded IoT sensors, allowing for the capture of data sans hands. The technology has seen rapid adoption since 2014, particularly within the retail and e-commerce, logistics and warehousing, manufacturing, and automotive industries. ProGlove counts Mercedes Benz, VW, BMW, DHL, XPO Logistics, GAP and Staples amongst its client base.
“This opportunity to work with Nordic Capital is instrumental for ProGlove to help us gain further momentum on our growth path. Building on Nordic Capital's tremendous expertise in Industrial IoT and SaaS, we will be in a very strong position to achieve our full potential,” commented ProGlove CEO Andreas König.
The acquisition is, of course, subject to customary regulator approvals, and once completed will see Nordic Capital become the majority shareholder in ProGlove, with the company’s founders and management retaining their minority stakes.
"The ProGlove team has built an outstanding business with a strong track record of high-quality growth. ProGlove is a technology leader with strong competitive differentiation and a unique customer value proposition to enable smooth human-machine collaboration,” concluded Nordic Capital’s Andreas Näsvik.