FOOTHOLD:The acquisition is to help the Taiwanese company expand into the Internet of Things business and gain a firmer grip on the US and European markets
Date: Nov 17, 2015
By: Lisa Wang / Staff reporter
Advantech Co Ltd (研華), the nation’s biggest industrial computer maker, yesterday said it plans to acquire a US industrial networking company for about US$1 million in cash in to boost its position in the global Internet of Things market.
Advantech said it has signed an agreement with private equity fund Graham Partners to take over B+B SmartWorx Inc, a private company with an annual revenue of about US$55 million.
This is the latest and the biggest acquisition by Advantech in its drive to seek new growth.
Advantech formed a task force five years ago to seek potential acquisition targets that would aid long-term expansion, it said.
“We have been searching for acquisition targets to expand our Internet of Things business… Taking over B+B SmartWorx would be a crucial step for the company in its expansion into the market,” Advantech president Chaney Ho (何春盛) told a media briefing. [FULL STORY]