Fortum acquires Swedish IoT company Info24
FORTUM CORPORATION PRESS RELEASE 12 April 2016
Fortum has acquired the Swedish IT company Info24, a company specialised in the
development of business solutions within the IoT, Internet of Things. The
parties have agreed that they will not disclose the transaction price.
Fortum and Info24 have engaged in close cooperation since 2010 using that
company's cloud-based solution for Fortum's Charge & Drive EV charging
infrastructure solution. Through the acquisition, Fortum will obtain a platform
on which to develop additional services and products for sustainable city
solutions. It is an area that is expected to grow significantly and also
constitutes one of Fortum’s strategic business areas.
“The energy sector faces an intense development environment and fast-changing
needs driven by a combination of several global megatrends: climate change,
urbanisation, active customers and new technologies. Fortum offers several
products and services connected to sustainable city solutions, such as IT
solutions for charging infrastructure, smart home solutions and demand response
services. The acquisition of Info24 will improve our competitive edge in this
business segment,” says Per Langer, Senior Vice President, Technology & New
Fortum launched its cloud-based charging infrastructure solution Charge & Drive
back in 2010. This is now the leading solution in the Nordic countries, with
more than 500 chargers in place and international expansion in sight. Right
from the beginning Fortum Charge & Drive has had close cooperation with Info24.
Today Fortum and Info24 are also working together on solutions for
next-generation energy services, such as visualisation and demand response; the
latter solutions are part of the Stockholm Royal Seaport project.
Fortum’s investment will enable Info24 to take a long-term view and allocate
more resources to business development, benefitting both Fortum and Info24's
other customers. Fortum and Info24 have agreed to retain Info24's independent
role in order to maintain speed and flexibility in their development work.
Info24 is a Swedish company specialised in the Internet of Things. Info24
started in 2005 and now consists of seven persons, including both
founder/owners, in combination with outsourced development resources. The
company has been profitable since the start, with a turnover of approximately
SEK 15 million in 2015. Fortum has acquired 100% of the shares. The acquisition
took place on 1 April 2016.
Johan Ander, Head of Large Programs, City Solutions, Fortum, tel. +46 761 042
Björn Sabel, CEO, Info24, tel. +46 768 716 601
Fortum's vision is to be the forerunner in clean energy. We provide our
customers with electricity, heat and cooling as well as other energy solutions
that improve present and future life. Already 64% of our electricity generation
is CO2 free. Our main markets are the Nordic and the Baltic countries, Russia,
Poland and India. In 2015, we employed some 8,000 energy sector professionals,
and our sales were EUR 3.5 billion. Fortum's share is listed on Nasdaq