Vehco pursuing growth strategy with new owners AddSecure – acquires Groeneveld ICT Solutions
In May 2018, AddSecure acquired Vehco with the objective to grow Vehco both organically and through acquisitions to become the leading Fleet Management provider in Europe to heavy commercial vehicles (HCV). Just two months after the signed deal the new owner supports Vehco in the company’s long-term growth strategy through the acquisition of Groeneveld ICT Solutions, the leading Dutch Fleet Management provider.
AddSecure-owned Fleet Management Systems provider Vehco, today announced that it has acquired Groeneveld ICT Solutions, a leading Dutch supplier of telematics and transport management software for a wide range of transport companies in Netherlands, Germany, Belgium, France, Spain and Poland.
When AddSecure stepped in as new owners in May this year, Vehco attained the financial strength to become the largest provider of systems for Fleet Management in Europe to heavy commercial vehicles (HCV). Only two months later, Vehco announces the strategic acquisition of Groeneveld ICT Solutions, which will accelerate growth, expand Vehco’s geographic footprint and strengthen the company’s overall competitiveness and services in Europe.
“AddSecure’s commitment allows us to continue to grow our business and best serve our customers. Groeneveld ICT Solutions has built a solid reputation when it comes to supplying leading edge Fleet Management Solutions and state-of-the-art ICT solutions, and will bring a strong customer base”, said Magnus Orrebrant, CEO of Vehco.
“We are thrilled to support the continued development of Vehco. This acquisition is an integral part of the company’s extensive growth plans. By integrating Groeneveld ICT Solutions’ operations in its own activities, Vehco is taking one step further of becoming the new European leader in Fleet Management”, said Stefan Albertsson, CEO of AddSecure.
For Groeneveld ICT Solutions this acquisition is an opportunity to join an expansive European provider, to support its growth and to benefit from Vehco’s innovation capabilities and expertise in the Internet of Things.
In 2017, Groeneveld ICT Solutions’ revenue amounted to close to 13 million Euro and the company had 67 employees.
About Groeneveld ICT Solutions
Groeneveld ICT Solutions is a leading supplier of telematics and transport management software for a wide range of transport companies; from charters to large transport and distribution companies. Groeneveld’s solutions help transport companies to streamline their processes, to make their journeys more efficient, safer and more environmentally friendly and to raise the service level.
More information at www.groeneveldictsolutions.com
About Vehco
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 revenue 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.
