Addtech acquires Tritech Solutions
Addtech’s business area Automation has made an agreement July 7th to acquire 100% of the shares of Tritech Solutions AB.
The company has a strong focus on embedded and AIoT-solutions for industrial applications and has had a steady and profitable growth since its inception in 2013. Tritech Solutions has eight employees and had a turnover of close to 60M SEK during 2020.
Addtech is a Swedish publicly listed technical solutions group that adds technical and economic value as the link between manufacturers and customers and is active in various niches within hightech solutions and products. The customers are primarily within the manufacturing industry and infrastructure. The group has 3 000 employees in more than 140 subsidiaries that operate under their own brand names. Addtech has an annual turnover of slightly above 11B SEK and is listed on Nasdaq Stockholm.
The acquisition of Tritech Solutions further strengthens Addtech’s position as a leading supplier within embedded-, automation- and IoT-solutions. Tritech Solutions has in a relatively short period of time become a well-established and strong supplier with a high degree of added technological value and many long-term customer projects. The company aims to continue developing is business with continued profitable growth, driven by strong customer commitment, solutions focus and close relationships with its partners.
”We feel very excited to become a part of the Addtech-group” says Jörgen Carlsson, CEO of Tritech Solutions. “We will be part of a very solid organisation with a decentralised strategy, where Tritech Solutions can continue to develop its strengths while focusing on key accounts. Our goal, like before, is industry leading profitable growth with greater possibilities to broaden our offering, while retaining our technical capabilities and agile processes.”
“It’s with great pleasure that we welcome Tritech Solutions to Addtech”, says Cees Koetsier, Business Unit Manager, Addtech Automation. “The embedded industry is increasingly moving towards high industrial IoT and artificial intelligence solutions. Tritech Solutions has already proven its strong position here and we look forward to even increase the offerings for the customers in this area. We expect Tritech Solutions to benefit from the vast expertise of the Addtech ecosystem within Embedded, I-IoT and AI solutions – and certainly also vice versa..”
The transaction date is set to the beginning of August and the acquisition is expected to have a marginally positive impact on earnings per share for Addtech during the current financial year.
Business Unit Manager, Industrial IT & Sensors, Addtech Automation, +45 222 026 14
CEO, Tritech Solutions AB, +46 70 540 14 10