- Partnership Will Accelerate Company’s Rapid Global Growth in Large and Growing Wearable Technology and Software Solutions Market
- Nordic Capital will support ProGlove and its unique human-centric solutions to improve shop floor processes and realize substantial efficiencies
STOCKHOLM, May 4, 2022 /PRNewswire/ — Nordic Capital, a leading European private equity investor, has signed an agreement to become the majority owner of German industrial Internet of Things (“IoT”) company ProGlove. ProGlove is a disruptive technology leader for a smarter workforce. In close partnership with ProGlove’s management and founders, Nordic Capital will enable the company to accelerate future growth plans, further expand its customer base and invest in product development. Financial terms of the transaction will not be disclosed.
ProGlove is a rapidly growing technology leader since its founding in 2014. With over 250 employees in Munich, Chicago and Belgrade, it serves numerous clients in the retail and e-commerce, logistics and warehousing, manufacturing and automotive sectors in more than 30 countries. Among them are such well-known global brands as Mercedes BenzVW, 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 enabling hands-free data capture. This combination of German engineering and industrial analysis software meets the growing demand for digitization in all sectors. ProGlove’s technology helps improve worker well-being, increase productivity and optimize efficiency.
The ProGlove market offers excellent opportunities to meet growing logistical complexity, demand for accelerated digitization, and the need for ergonomic and efficient workflows in the wake of the global labor shortage.
Nordic Capital will actively support ProGlove with its deep understanding of industrial IoT, its strong network and its significant experience in SaaS business models.
Andreas König, CEO of ProGlove, said: “This opportunity to work with Nordic Capital is essential for ProGlove to help us gain momentum on our growth path. Building on Nordic Capital’s tremendous expertise in Industrial IoT and SaaS, we will be in a very strong position to realize our full potential.We are extremely excited to take our business to the next level, both in terms of growth and innovation.
“The ProGlove team has built an exceptional company with a strong, high-quality growth roadmap. ProGlove is a technology leader with strong competitive differentiation and a unique customer value proposition to enable seamless human-machine collaboration. Nordic Capital is looking forward to writing the next chapter with the firm’s strong management team,” says Andreas Näsvik, Partner and Head of Industrial and Commercial Services, Nordic Capital Advisors.
“I am delighted to have Nordic Capital on board. Its partnership approach and deep industry expertise will give ProGlove additional firepower to further invest in people and technology. doubts the strength of ProGlove and the tremendous opportunities that lie ahead.” ,” said Thomas Kircherco-founder of ProGlove.
“ProGlove is a very exciting company and a perfect first investment in the industrial and commercial services sector for Nordic Capital in the German-speaking part of Europe, expanding the sector’s footprint. Nordic Capital looks forward to working in partnership with the company to further strengthen ProGlove’s formidable team of engineers and software developers and to continue the exciting trajectory the company is on,” said Rainer LenhardPartner, Nordic Capital Advisors, Germany.
Nordic Capital has continuously developed its activities over the past 15 years in the German-speaking part of Europe and has become one of the most active investors, with seven companies from its focus sectors in its current portfolio.
With a long history of investing in the industrial and commercial services sector in the Nordic region, Nordic Capital’s portfolio today includes companies like Sortera, an environmental services company focused on recycling and waste management solutions. ; iLOQ, a provider of standalone and mobile access management systems; Consilium Safety Group, a producer of safety technologies for the marine, oil and gas, transport and construction sectors; and recently listed Cary Group, a leading provider of vehicle glass repair and replacement offering sustainable car care solutions.
The investment in ProGlove will be made by Nordic Capital X. ProGlove’s founders and management will remain minority owners. The transaction is subject to customary regulatory approvals. ProGlove would like to thank previous investors Summit Partners, DI Technology and Bayern Kapital for their support to date.
Katarina Janerud, Communications Manager
Nordic Capital Advisors
Tel: +46 8 440 50 50
email: [email protected]
ProGlove is a World Economic Forum Technology Pioneer and builds the world’s smallest, lightest and most rugged barcode scanners. ProGlove’s industrial wearables connect the shop floor worker to the Internet of Things. Handheld devices combined with ProGlove’s industry analytics software platform promote human-machine collaboration and drive digitalization on the shop floor. ProGlove customers include some of the world’s most iconic industry brands, pioneers and innovators in manufacturing and production, logistics and warehousing, retail and e-commerce, as well than post and parcels. Founded in 2014, the company employs over 250 people from more than 30 countries with offices in Chicago, Munich (Germany), and Belgrade (Serbia). Learn more about www.proglove.com
About Nordic Capital
Nordic Capital is a leading private equity investor with a strong commitment to building stronger, sustainable businesses through operational improvement and transformative growth. Nordic Capital focuses on selected regions and sectors where it has deep experience and a long history. The targeted sectors are healthcare, technology and payments, financial services and, selectively, industrial and commercial services. Key regions are Europe and globally for investments in the healthcare and technology and payments sectors. Since its inception in 1989, Nordic Capital has invested over 19 billion euros in more than 120 investments. The most recent entities are Nordic Capital X with €6.1 billion in committed capital and Nordic Capital Evolution with 1.2 billion euros in committed capital, mainly provided by international institutional investors such as pension funds. Nordic Capital Advisors has local offices in Swedenthe United Kingdom, the United States, Germany, Denmark, Finland, Norway and South Korea. For more information about Nordic Capital, please visit www.nordiccapital.com
“Nordic Capital” means, depending on the context, all or part of the entities, vehicles, structures and associated entities of the Nordic Capital brand. General Partners and/or Sub-Portfolio Managers of Nordic Capital Entities and Vehicles are advised by several non-discretionary sub-advisory entities, some or all of which are referred to as “Nordic Capital Advisors”.
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