Yanzi Networks gets acquired by American private equity firm Pegasus Capital Advisors.

Yanzi Networks, a Stockholm, Sweden Internet-of-Things solutions provider for the smart building market, announced getting into an agreement with Pegasus Capital Advisors to sell the majority equity package in the company.

The financial details of the transaction remain undisclosed and the deal involves both fresh capital in the books as well as secondary transactions with existing owners in the company. Existing investor, Swedish pension fund AP6, also contributes to the capital raise and will retain a significant minority-stake in the business.

Yanzi will use the proceeds to fund the continued development of its product suite and further expand its operations globally, notably with the opening of a North American headquarters.

Yanzi Networks, founded in 2009 and led by CEO Ulf Wretskog, developed an open, fast, robust and evolutionary software and networking platform for IoT and collaborates with the industry’s largest vendors to deliver value to real estate owners and facility management companies that wish to enter the world of smart buildings.

The company, which employs 25 people, is yet to be profitable, as in 2017 registered SEK 35M ($4M) in revenues.