MaintMaster was acquired by Monterro

MaintMaster, a Linköping, Sweden-based developer of a cloud-based maintenance management system, announced getting into an investment agreement for selling its major equity package to Monterro.

The financial details of the deal were not disclosed. Almi Invest, which owned 10% of the shares since investing in 2015, will exit its position.

Monterro is expected to finance a further expansion internationally and invest further in product development and organization.

MaintMaster, founded in 2012 and led by CEO Peter Barkland, is a supplier of maintenance management systems for the manufacturing industry. Its cloud-based, easy-to-use system helps manufacturing companies to digitalise and improve efficiency, while also reducing downtime, increasing machinery lifetime, and enabling greater control over maintenance.

The company has sales of SEK 35 million ($4M) and has an annual growth of 20 to 25 percent.