January 11 (SeeNews) - Indian automobile technology manufacturer Sona Comstar acquired a 54% stake in Serbian technology solutions company Novelic for 40.5 million euro ($43.5 million), Sona Comstar said.
The acquisition offers Sona Comstar strong growth opportunities over the medium term in a fast-growing industry, said the company in documents published in a Twitter post on Monday.
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"With this acquisition, we have added a market leader in in-cabin radar-sensor technology to our technology offering. The growing automation and autonomy of cars is a new technological revolution in the industry," said Sona Comstar CEO, Vivek Vikram Singh.
Belgrade-based Novelic is a developer of advanced driver assistance systems and radar systems. It employs 120 engineers, and has offices in two other Serbian cities.
Novelic recorded a net profit of 9.3 million euro in 2022.
According to the Serbian business registry, Novelic was founded in November 2012 by private individuals Veljko Mihajlovic, Veselin Brankovic and Darko Tasovac, who owned 33.3% of its capital each prior to the acquisition.
($ = 0.9309 euro)