SmartWave Technologies to Drive Growth of IoT Market with Acquisition of MultiTech
Combines Long-Standing Leader in Industrial IoT with SmartWave Technologies to Accelerate Innovation and Speed Time to Market
MOUNDS VIEW, Minn., Nov. 10, 2020 /PRNewswire-PRWeb/ -- SmartWave Technologies, a Northlane Capital Partners ("NCP") platform investment, announced today that it has acquired Multi-Tech Systems, Inc., a leading global supplier of Industrial IoT communication devices and services. SmartWave Technologies, a market-leading provider of innovative industrial IoT end devices and MultiTech will operate as one under the MultiTech brand.
From the earliest analog systems, to the cellular heart of today's industrial Internet of Things, to the latest low-power wireless technology, MultiTech has consistently connected critical assets to business infrastructure in ways previously unimaginable – and has been doing so for 50 years. Joining with SmartWave Technologies, the new MultiTech is now in a position to significantly grow the market size of connected IoT devices and accelerate OEM and enterprise digitization.
The combined entity will drive deployment of proven Industrial IoT first-to-market innovations in low power, wireless access and broadband, low-latency communication technologies, machine protocols, integrated sensors and mobile applications to further scale the deployment of smart assets, durables and industrial consumables. The new MultiTech entity will offer expanded expertise in wireless standards, electromagnetic sensor technologies, component and refill authentication, as well as extended capabilities in industrial design and manufacturing and mobile applications.
"The Internet of Things marketplace extends across industrial and commercial segments, which, though possessing distinct characteristics, also share similar complexities," said David Steinglass, Partner at Northlane Capital. "By combining MultiTech's strength in wireless technologies from LoRaWAN to Private LTE and soon 5G, with SmartWave's consultative approach to solution design and commercialization, we expect the new MultiTech business will be well-positioned to provide end-to-end connectivity solutions to a wider range of customers while providing its current customers with the immediate benefit of a newly integrated IoT offering."
MultiTech designs, develops and manufactures communications equipment for the industrial internet of things – connecting physical assets to business processes to deliver enhanced value. A commitment to quality and service excellence means customers can count on MultiTech products and people to address their needs, while a history of innovation ensures they stay ahead of the latest technology with a partner who will be there for the life of the solution.
"MultiTech has a reputation for best-in-class industrial communications equipment and a long history of customer service in critical industries around the world," according to Jack Vresics, CEO of SmartWave, who will serve as Executive Chairman of the combined entity. "We're excited to help bring their award-winning portfolio of modems, routers and gateways to our key markets. Our customers will be well served with deployable, off-the-shelf devices, which complement our custom solutions and further reduce time to market."
Founded in 1994 and headquartered in Toronto, SmartWave designs and manufactures components for products that require sensing, verifying, or dispensing on behalf of companies in the healthcare, hygiene, sanitary, plumbing supply and other end markets. SmartWave adds value to customers' products by incorporating technology that improves the product functionality and enhances the end user experience.
"SmartWave's extensive short-range wireless experience and knowledge of sensor technology is a natural complement to our portfolio of long-range wireless technologies for both public and private networks," said Stefan Lindvall, CEO of MultiTech, who will serve as CEO of the combined business. "Their knowledge of key industries will help us better serve our customer set with enabling technologies and complete, ready-to-deploy solutions with a focus on customer experience and usability."
The new MultiTech will maintain its Mounds View, Minnesota headquarters and U.S. manufacturing operations; with an additional design and engineering organization in Toronto; sales offices in Chicago, London, Tokyo, and Munich; as well as expanded manufacturing capabilities in both North America and Southeast Asia. Visit http://www.multitech.com for more information.
About MultiTech
MultiTech designs, develops and manufactures components, devices and end-to-end solutions for the industrial and commercial Internet of Things. Offerings include first-to-market innovations in low power, wireless access and broadband, low-latency communication technologies, machine protocols, integrated sensors and mobile applications which enable monitoring and management of smart assets, durables and industrial consumables.
Media Contact
Jennifer Costello, MultiTech, 7817154870, [email protected]
SOURCE MultiTech
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