Fortum has acquired the Swedish IT company Info24, a company specialised in the development of business solutions within the IoT, Internet of Things. The parties have agreed that they will not disclose the transaction price.
Fortum and Info24 have engaged in close cooperation since 2010 using that company’s cloud-based solution for Fortum’s Charge & Drive EV charging infrastructure solution. Through the acquisition, Fortum will obtain a platform on which to develop additional services and products for sustainable city solutions. It is an area that is expected to grow significantly and also constitutes one of Fortum’s strategic business areas.
“The energy sector faces an intense development environment and fast-changing needs driven by a combination of several global megatrends: climate change, urbanisation, active customers and new technologies. Fortum offers several products and services connected to sustainable city solutions, such as IT solutions for charging infrastructure, smart home solutions and demand response services. The acquisition of Info24 will improve our competitive edge in this business segment,” says Per Langer, Senior Vice President, Technology & New Ventures, Fortum.
Fortum launched its cloud-based charging infrastructure solution Charge & Drive back in 2010. This is now the leading solution in the Nordic countries, with more than 500 chargers in place and international expansion in sight. Right from the beginning Fortum Charge & Drive has had close cooperation with Info24. Fortum and Info24 are also working together on solutions for next-generation energy services, such as visualisation and demand response; the latter solutions are part of the Stockholm Royal Seaport project.
Fortum’s investment will enable the IoT company Info24 to take a long-term view and allocate more resources to business development, benefitting both Fortum and Info24’s other customers. Fortum and Info24 have agreed to retain Info24’s independent role in order to maintain speed and flexibility in their development work.
Info24 is a Swedish company specialised in the IoT Info24 started in 2005 and now consists of seven persons, including both founder/owners, in combination with outsourced development resources. The company has been profitable since the start, with a turnover of approximately SEK 15 million in 2015. Fortum has acquired 100% of the shares. The acquisition took place on 1 April 2016.
For more information, please visit www.fortum.com.