The AddSecure Group acquires leading European Fleet Management specialist Vehco to support continued expansion and IoT growth plans. The acquisition will further strengthen the AddSecure Group’s position as a leading international provider of secure critical communications, and realising Vehco’s extensive growth within telematics for fleets with commercial vehicles.
The AddSecure Group, a leading European supplier of secure critical communications solutions, announced today the acquisition of Vehco, a leading European provider of Fleet Management Systems (FMS).
Vehco is a fast growing and profitable European FMS provider built and positioned for continued
growth and market leadership in the European market and beyond. This complements AddSecure, which has operations in several countries and is aiming to expand internationally and increase its presence in Europe.
“This acquisition is part of our strategy to expand our position in attractive markets and IoT verticals. With Vehco in our portfolio, the AddSecure Group becomes an even stronger player within IoT and especially within telematics. Other verticals we currently are targeting are building security, building automation and utilities,” said Stefan Albertsson, CEO, the AddSecure Group.
“Through the acquisition, both companies can take advantage of the opportunities within Vehco’s extensive growth plans. We can now accelerate our plan to become the largest provider of FMS to the Heavy Commercial Vehicles (HCV) market segment in Europe. Furthermore, Vehco and our customers, will benefit from the comprehensive experience and technical expertise that the AddSecure Group provides. Our business strategies, success definitions and customers are a good match”, said Magnus Orrebrant, CEO, Vehco.
Vehco was founded in 2001 at Chalmers School of Entrepreneurship at Chalmers University of Technology (Sweden). Chalmers Ventures is a main investor. Over the years Vehco has grown to become a well-positioned European actor in telematics.
“The shareholders were looking for an acquirer with the capital and infrastructure to support further growth and scale. With the AddSecure Group as owners Vehco’s potential will best be realised”, said Ulrika N. Everingham, Investment Manager, Chalmers Ventures, one of the majority owners.
Vehco will be part of the AddSecure Group, but will continue to be run and managed as a separate company and brand. Vehco’s CEO, Magnus Orrebrant, will take place in the AddSecure Group’s Corporate Management Team and report directly to the Group’s CEO, Stefan Albertsson.
The transaction is the AddSecure Group’s fifth acquisition in the secure critical communications sector in recent years. In 2016, the AddSecure Group acquired the UK based company Chiron Security Communications and Swedish Smart Grid Networks. In 2017, the Group successfully closed the acquisition of Contal Security in Sweden and a carve out of Finnish Prevent 360.
For more information, please contact:
Anna Stoldt, CMSO, Vehco AB,
Tel. +46 (0) 31 64 51 17, email@example.com
Kristina Grandin, Corporate Communications, the AddSecure Group,
Tel. +46 70 689 52 08, firstname.lastname@example.org
Vehco AB, established in 2001, is a leading European provider of Fleet Management Systems (FMS). The core business is to provide fleet management solutions to companies with commercial vehicles. The company has offices in Sweden (HQ), Finland, Norway, Denmark, Germany, France and in Italy. Vehco strives to always offer proximity and contact with its customers in the local language. The company markets and sells its products through a dedicated sales team and through partners in Europe. Vehco has 80 employees and a yearly turnover of 16M€. More information at www.vehco.com
About the AddSecure Group
The AddSecure Group is leading European supplier of secure critical communications solutions. Serving more than 50 000 customers worldwide with close to 400 000 connections and 1 million delivered devices, the company is dedicated to safety, reliability, quality and innovation. Through strategic acquisitions, the AddSecure Group adapts to market needs and provides customers with the best solutions for tomorrow’s security challenges.
Headquartered in Sweden, the Group currently operates in five business segments; building security, building automation, utilities and fleet management.The companies that are part of the AddSecure Group are: AddSecure, a leading provider of secure communications solutions within monitored alarms and critical IoT communications; Chiron, a leading provider of advanced Alarms over IP (AoIP); Contal Security, a leading Swedish supplier of solutions for digital in- and outward alarm transmission and integrated security systems; Smart Grid Networks, a provider of smart solutions for power network automation and digital communication within the utilities sector; and Vehco, a leading European Fleet Management Systems specialist providing proprietary IoT solutions to a range of large and small customer HCV (Heavy Commercial Vehicles) and mixed fleets across Europe.
The AddSecure Group employs around 260 staff and is owned by Abry Partners, an American private equity fund founded in 1989 and headquartered in Boston, USA. Abry Partners is one of the USA’s most successful private equity companies and, since its inception, has completed more than 550 transactions worth over 61 million US dollars. For more information, please visit the AddSecure Group.