The AddSecure Group acquires leading European Fleet Management specialist Vehco to support continued expansion and IoT growth plans. The acquisition will further strengthen the AddSecure Group’s position as a leading international provider of secure critical communications, and realising Vehco’s extensive growth within telematics for fleets with commercial vehicles.
The AddSecure Group, a leading European supplier of secure critical communications solutions, announced today the acquisition of Vehco, a leading European provider of Fleet Management Systems (FMS).
Vehco is a fast growing and profitable European FMS provider built and positioned for continued
growth and market leadership in the European market and beyond. This complements AddSecure, which has operations in several countries and is aiming to expand internationally and increase its presence in Europe.
“This acquisition is part of our strategy to expand our position in attractive markets and IoT verticals. With Vehco in our portfolio, the AddSecure Group becomes an even stronger player within IoT and especially within telematics. Other verticals we currently are targeting are building security, building automation and utilities,” said Stefan Albertsson, CEO, the AddSecure Group.
“Through the acquisition, both companies can take advantage of the opportunities within Vehco’s extensive growth plans. We can now accelerate our plan to become the largest provider of FMS to the Heavy Commercial Vehicles (HCV) market segment in Europe. Furthermore, Vehco and our customers, will benefit from the comprehensive experience and technical expertise that the AddSecure Group provides. Our business strategies, success definitions and customers are a good match”, said Magnus Orrebrant, CEO, Vehco.
Vehco was founded in 2001 at Chalmers School of Entrepreneurship at Chalmers University of Technology (Sweden). Chalmers Ventures is a main investor. Over the years Vehco has grown to become a well-positioned European actor in telematics.
“The shareholders were looking for an acquirer with the capital and infrastructure to support further growth and scale. With the AddSecure Group as owners Vehco’s potential will best be realised”, said Ulrika N. Everingham, Investment Manager, Chalmers Ventures, one of the majority owners.
Vehco will be part of the AddSecure Group, but will continue to be run and managed as a separate company and brand. Vehco’s CEO, Magnus Orrebrant, will take place in the AddSecure Group’s Corporate Management Team and report directly to the Group’s CEO, Stefan Albertsson.
The transaction is the AddSecure Group’s fifth acquisition in the secure critical communications sector in recent years. In 2016, the AddSecure Group acquired the UK based company Chiron Security Communications and Swedish Smart Grid Networks. In 2017, the Group successfully closed the acquisition of Contal Security in Sweden and a carve out of Finnish Prevent 360.