AddSecure purchases Vehco to support continued expansion and IoT growth plans.

The AddSecure Group, a Stockholm, Sweden-based company supplier of secure critical communications solutions, announced it has acquired Fleet Management technology specialist Vehco AB to support their continuing European expansion and IoT growth plans.

The financial details of the transaction remain undisclosed.

Vehco, established in 2001 and led by CEO Magnus Orrebrant, was founded 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, with core business focused on Heavy Commercial Vehicles, where Vehco has the market leading technology proposition. The company has offices in Sweden (HQ), Finland, Norway, Denmark, Germany, France and in Italy.

The AddSecure Group is a leading IoT platform, a supplier of secure critical communications solutions backed by Abry Partners, a US private equity fund. Serving more than 50,000 customers worldwide with close to 400,000 connections and 1 million delivered connected devices, the company is dedicated to safety, reliability, quality and innovation.  Headquartered in Sweden, the Group currently operates in five business segments; building security, building automation, utilities and fleet management.

The AddSecure Group employs around 260 staff and is owned by Abry Partners, an American private equity fund.

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.