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Sep 21, 2023 13:10 EEST
September 21 (SeeNews) - German Internet of Things (IoT) technology company Kontron has acquired Romanian mobility solutions provider Altimate for 11.64 million euro ($12.4 million).
Taking over Altimate will further strengthen Kontron's transportation business, the Austrian company said in a press release on Monday.
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The acquisition amounts to under 20% of Kontron's revenues and will also expand its software and solutions fast-growing high-margin business segment, which the company estimates will have a revenue share of more than 50% by 2027.
Altimate booked revenues of 19.6 million euro and EBITDA of 1.8 million euro in 2022. The company has over 20 years of expertise in offering software products and solutions for urban traffic control, automated fare collection, tolling solutions, and traffic violations solutions.
Established over 20 years ago, Kontron provides IT solutions to companies from a wide range of industries. It employs some 4,500 people across its subsidiaries in more than 20 countries around the world.
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