Telia Company to acquire Fält Communications AB
- 2017-02-01 09:30 UTC
Telia Company accelerates its activities within the Smart Cities space by acquiring Fält Communications AB (Fältcom), a leading and well established company in the growing Nordic connected public transportation market.
“Fältcom is a market leader in Scandinavia and has recently seen early success internationally. The combination of great products and services, and talented and passionate people, will position the combined companies to become the leading provider of Smart Public Transport services whilst laying a foundation for further expansion in the Smart Transport & Logistics and Smart City space,” says Brendan Ives, Head of Telia Company’s emerging businesses unit Division X, and continues: “This is also fully in line with our ambition to find digital solutions to societal challenges such as climate change while making cities more liveable”
Swedish company Fältcom was founded in 1998 and is headquartered in Umeå. The company has roughly 40 employees. Fältcom’s systems make it possible for customers to monitor and control devices in one place on the globe from another. The company today has more than 160,000 installations, of which 40,000 are online, in buildings, vehicles, and customized IoT solutions. Fältcom is the market leader in Scandinavia for mobile platforms on buses, and every speed camera in Sweden is equipped with its technology. For 2016, Fältcom had preliminary revenues of SEK 83 million.
Fältcom’s main owners SEB Venture Capital and Nordic VC Industrifonden together own 93 percent of Fältcom and the employees own the remaining 7 percent. The acquisition is expected to close in February. The parties have agreed not to disclose the purchase price.
“Fältcom and Telia Company share a common belief that open platforms and ecosystems are key to unleashing the endless possibilities of IoT. Having achieved a market leading position, we are really excited to be part of Telia Company. Together we'll strengthen our market position, open up significant growth potential and accelerate the rate at which we can create value for our customers and partners,” says Mikael Långström, CEO of Fältcom.
This information is information that Telia Company AB is obliged to make public pursuant to the EU Market Abuse Regulation and/or the Securities Markets Act. The information was submitted for publication, through the agency of the contact person set out above, at 10.30 CET on February 1, 2016.
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