Finnish telecom operator Elisa said on Tuesday it has agreed to buy German industrial software maker camLine, paying 60 million euros ($73 million) in cash.
“The transaction is consistent with Elisa’s strategy to grow digital businesses internationally and it strengthens Elisa’s industrial software business growth,” it said in a statement.
Elisa said the German firm’s software for execution systems, quality and operational excellence for manufacturing industries complements Elisa’s Smart Factory offering.
The 1989-founded camLine, which employs 220 people, reported underlying 2019 revenue of 20.8 million and operating profit of 5.1 million.
Shares in Elisa – which said the deal would not hurt its dividend payout capabilities, opened 0.6% higher, in line with a stronger Helsinki bourse.
Source: Reuters.com