Nordic Capital, a European private equity investor, has signed an agreement to become the majority owner of the German-based Industrial Internet of Things (IoT) company ProGlove. ProGlove is a disruptive technology leader for a smarter workforce.
Nordic Capital said in a press release that it would work in close partnership with ProGlove’s management and founders to help the company grow, expand its customer base and invest in product development. The financial terms of the transaction were not disclosed.
ProGlove is a technology leader that has been growing rapidly since its foundation in 2014. With over 250 employees in Munich, Chicago and Belgrade, it serves numerous customers in retail and e-commerce, logistics and warehousing, manufacturing and automotive across more than 30 countries. Among them are renowned global brands such as Mercedes Benz, VW, BMW, DHL, XPO Logistics, GAP and Staples.
The company provides integrated hardware and software solutions that are built around wearable barcode scanners with multiple IoT sensors allowing for hands-free data capture. This combination of German engineering and industry analytics software caters to the growing demand for digitalization across industries. ProGlove’s technology helps improve worker well-being, increase productivity and optimize efficiency.
Nordic Capital will actively support ProGlove with its deep understanding of Industrial IoT, its strong network and significant experience from SaaS business models.
Image credit: Nordic Capital