Automobile manufacturer TVS Motor has acquired a minority stake in US-based industrial Internet of Things (IoT) firm Altizon Inc and Altizon Systems Pvt Ltd, with an investment of over $2.5 million, in order to utilise the technology offerings for its growth.
Altizon, an industrial IoT company, helps companies use machine data to drive business decisions. It also enables digital transformation in enterprises by accelerating smart manufacturing initiatives, modernising asset performance management, and pioneering new business models for service delivery. It has presence in Pune, in India and Scotts Valley, California, USA.
The company, in a regulatory statement said that Altizon’s technology portfolio has definitive value in driving digital transformation with industrial IoT.
TVS Motors will invest Rs 63,268 in Altizon Systems Pvt Ltd, the Indian company, for 10 equity shares, while its wholly owned subsidiary in Singapore would make an investment of $2.5 million in Altizon Inc, for 5,30,543 Series A preferred stock amount to 14.142 per cent shareholding in the company. The acquisition of shares, in cash consideration, is expected to be completed by April 30, 2019.
Altizon Systems Pvt Ltd, incorporated in April 2013, has shown a 94 per cent growth in turnover during FY 2017-18, at Rs 1.88 crore compared to Rs 97.05 lakh in the previous financial year. The US-based company, incorporated in July, 2014, posted a $153652 turnover in 2018 compared to $91,200 in 2017.
Source: Business-Standard