Assa Abloy acquires Phoniro from local Swedish VC Alfvén & Didrikson.
Assa Abloy is a Swedish juggernaut, with SEK 71 billion ($9bn) in sales and leader in door opening solutions, dedicated to needs for security, safety and convenience. Phoniro will be part of a new vertical within Assa Abloy’s Hospitality business unit.
The financial details of the transactions were undisclosed.
Phoniro, founded in 2004 by Johan Hörberg, Magnus Larsson and Magnus Fröberg, was owned by Swedish investment company Alfvén & Didrikson, which acquired a majority stake in the company for $3.8M in 2012. The company, which sells digital key management solutions, expects sales of SEK 175M ($22M) for 2018.