Cumulocity, a German IoT platform, has been acquired by Software AG. The terms of the deal have not been disclosed.
The acquisition will boost Software AG’s position in the Internet of Things space, the firm said in a statement. Cumulocity develops a cloud-based IoT platform for managing devices and the data they collect.
The two companies had a previous partnership since 2015. The merger is the “next logical step,” said Cumulocity CEO Bernd Gross.
“At Cumulocity we are firmly convinced that we will be able to accelerate our success story as part of Software AG. The exchange of know-how and technology expertise concerning the industrial Internet will not only benefit both companies, but especially our customers,” he said.
Prior to the acquisition, the Dusseldorf-based Cumulocity raised one undisclosed round of funding from High-Tech Gruenderfonds (HTGF) and VersoVentures.
“HTGF believed in Cumulocity’s founders and the success of the company’s cloud based IoT solutions since the beginning,” said Benjamin Erhart, investment director at HTGF.