Tosibox secured strategic investment from the Italian SBS.

Tosibox, an Oulu, Finland-based provider of easy and secure remote connectivity solutions (IoT), announced in a press release that it secured a strategic investment contribution from the Italian from SBS S.r.l.

The deal, which has the financial details undisclosed, was made for an investment of 15 percent stake in A shares of Tosibox Oy.

SBS, based in Miasino (Italy), is a group of companies that is is one of the biggest producer and distributer for Consumer Electronic Accessories in Italy and Europe. The group was founded in 1994, employs more than 400 people and reported net sales of 135 million euros ($150M) in 2018.

Tosibox, founded in 2011 and led by CEO Jarno Limnéll, offers an easy and secure remote connectivity solution widely utilized for example in building and industrial automation, as well as in the security sector. The solution, enables secure IoT connectivity, remote maintenance and network management. In 2018, Tosibox had accounted for net sales of approximately 4.2 million euros ($4.6M). 64% made by foreign customers.