TVS Motor Company said that it has picked up 14.142 per cent stake in the US-based IoT company called Altizon Inc through its Singapore-based subsidiary for a consideration of $25,00,000. In addition to this, the company has acquired 10 equity shares of Altizon India.
Altizon, an industrial loT company, empowers industrial digital revolutions globally by helping enterprises use machine data to drive business decisions. Altizon enables digital transformation in enterprises by accelerating smart manufacturing initiatives, modernising asset management, and pioneering new business models for service delivery.
Altizon is a leading Industrial IoT platform provider recognised by Gartner in its Magic Quadrant for IoT platforms. Altizon has a presence in Pune, India and Scotts Valley, California, US. Altizon Inc had reported a turnover of $153,652 in FY18 (January-December).
TVS Motor said that it makes an investment of Rs 63,268 in Altizon Systems Private Limited, and TVS Motor Company’s wholly owned subsidiary in Singapore makes an investment of $25,00,000 in Altizon inc, US. In Altizon Inc, for its investments, the company gets 5,30,543 Series A Preferred stock amounting to 14.142 per cent shareholding and in its Indian arm it gets 10 equity shares, TVS informed the stock exchanges.
TVS further said that the US IoT company’s technology portfolio has definitive value in driving digital transformation with industrial IoT. By this investments, we will partner Altizon in their exciting journey of growth and market leadership. TVS Motor will utilise the strong roaster of global industrial majors who are customers of Altizon and will gain from enhanced technology offerings. it said further to the stock exchanges further. FE