Tele2 has acquired Sweden-based security business Kombridge to boost its IoT division.
The operator said Kombridge would “immediately strengthen” its security portfolio.
The startup has three products: Kombridge Things allows companies to monitor connected devices remotely; Komridge Connect is a secure connectivity service for industrial applications; while Kombridge Professional Services offers consultancy advice.
As part of the acquisition, Tele2 IoT obtained Kombridge’s current customer base, product portfolio as well as its six employees.
Kombridge was founded in 2010 by employees of telematics business WirelessCar, which is now by Volvo.
Financial details of the deal were not disclosed.
Rami Avidan, Managing Director, Tele2 IoT, said: “We are extremely excited to welcome the Kombridge team to the Tele2 IoT family.
“The two companies have worked close to each other for a long time.
“Hence, we know each other well and are very confident that our combined strengths will make us an even stronger global IoT player with high value creation for our customers and partners.”
Tele2 does not break out revenues for its IoT arm.
Group revenues were flat at SEK13.1 billion in the first half of the year.
In April, it signed a partnership with Sisteer in a bid to win more of the IoT market in France.
According to a report earlier this month, global IoT revenues are set to top $3 trillion in 2025, up from $750 billion last year.