Sigma Connectivity announces the acquisition of Lundinova
Sigma Connectivity, a Lund, Sweden-based company part of Sigma Group, announced the acquisition of Lundinova AB, a Lund based product development company in the areas of electronics, software and system design.
The financial details of the transaction remain undisclosed. Lundinova is profitable, at a sales figure of SEK 27.4M ($3.3M) for 2017, mostly coming from US-based customers.
Following the deal, three minority shareholders remain in Lundinova. At the same time, the company's current CEO, 65-year-old Anders Alvin steps down and is replaced by the company's long-term employee, Marcus Weibull.
This acquisition will support the growing demand for cost efficient, smaller scale projects primarily on the Swedish market, as Lundinova has extensive experience of working in smaller teams with highly skilled and flexible engineers.
Sigma Connectivity, led by CEO Björn Lundqvist, is a design and development house part of Sigma Group, a holding of consulting companies started by Dan Olofsson in 1986. The company was acquired from Sony Mobile in 2013 and employs about 500 engineers.
Lundinova is a Lund based product development company in the areas of electronics, software and system design. The company has around 30 employees with expertize in the areas of electronics, software, project management and production.