AddSecure, an European provider of solutions for secure data and critical communications, announced the acquisition of Navkonzept GmbH for an undisclosed sum. Navkonzept is a German aftermarket telematics supplier of fleet management solutions.
The goal for AddSecure is reportedly to strengthen its geographical footprint and fulfill its strategy of becoming a provider of fleet and transport management solutions in Europe.
Through the acquisition, AddSecure Smart Transport reinforces its position in the Transport and Logistics market in Germany, whilst bringing in an established team, and a well-known and market-adopted offering to its Smart Transport portfolio.
According to AddSecure, the two companies’ joint mission is then to bring smart, connected devices to fleet owners in Germany, with the objective to become the preferred FMS and TMS aftermarket supplier in Germany.
“It is with great pleasure that we are welcoming our Navkonzept colleagues to AddSecure Smart Transport. This acquisition strengthens our presence in Germany and by combining portfolios, Navkonzept and Addsecure embrace a wider and stronger go-to-market strategy,” says Johan Frilund, president of AddSecure Smart Transport.
Through the acquisition, AddSecure’s Smart Transport division’s revenues will increase to €60 million and the entire group’s revenues to €150 million. The deal will also add 20,000 billable connections to AddSecure Smart Transport’s existing installed base of 200,000, totaling 220,000 units.
“This is our second acquisition within Smart Transport this year and further reinforces our commitment to international expansion. Germany is an important market for AddSecure
and our European growth, and one of the largest countries in terms of heavy commercial vehicles. We look forward to further investing in Smart Transport and welcoming Navkonzept to AddSecure”, comments Stefan Albertsson, CEO of AddSecure.
“I am convinced that AddSecure will provide Navkonzept with the expertise and resources needed for our future development, particularly in terms of marketing, commercial and product development capabilities. This transaction will benefit German customers and employees, who will be joining a major player in the transport space,” adds Jochen Linden, managing director of Navkonzept.
Navkonzept will be part of AddSecure, and will be integrated with AddSecure Smart Transport within the coming year. Navkonzept’s managing directors, Jochen Linden and Hans-Jorg Nolden, will join the Smart Transport Management Team.