Finnish energy company Fortum acquired the Swedish IT company Info24, which works on the development of business solutions within the Internet of Things (IoT) system, the company announced on Tuesday.
Through the acquisition, Fortum will obtain a platform on which to develop additional services and products for sustainable city solutions.
"The energy sector faces an intense development environment and fast-changing needs driven by a combination of several global megatrends: climate change, urbanization, active customers and new technologies," said Per Langer, senior vice president of technology and new ventures at Fortum.
"Fortum offers several products and services connected to sustainable city solutions, such as IT solutions for charging infrastructure, smart home solutions and demand response services. The acquisition of Info24 will improve our competitive edge in this business segment,” Langer added.
Fortum said currently the two companies are also working on solutions for next-generation energy services, such as visualization and demand response.
Fortum in its acquisition on April 1, now owns 100 percent of the shares of Info24.
Fortum announced that the parties will not disclose the transaction price.
By Murat Temizer