Sale of German industrial IoT software specialist to leading engineering firm
LONDON and NEW YORK, Dec. 4, 2015 /PRNewswire/ -- Mooreland Partners (http://www.moorelandpartners.com) the leading independent investment bank providing M&A and private capital advisory services to the global technology industry, today announced that it acted as the exclusive financial advisor to iTAC Software on its sale to Durr Group.
Based in Montabaur, Germany, iTAC is a leader in industrial Internet of Things (IoT) software. The company combines expertise in the fields of IT and production technology, and has already equipped over 140 factories worldwide in various industry segments with its cloud-based MES software, iTAC.MES.Suite. Customers include carmakers and automotive component suppliers as well as major producers in the electronics, telecommunications and medical technology sectors.
"Powered by the industrial IoT, the global manufacturing sector is entering into a new phase of automation where information is gathered in production processes on the shop floor, and used in real-time by decision makers in product planning and corporate planning processes. iTAC is a key enabler of industrial IoT, a technology sector that we expect to see substantial financing and M&A activity in the short term," said Victor Garcia, Managing Director, Mooreland Partners.
The Durr Group is one of the world's leading mechanical and plant engineering firms operating in 28 countries with approximately 14,700 employees and over €3.6 billion revenue in 2015. Products, systems and services offered by Durr enable highly efficient manufacturing processes in different industries. Business with automobile manufacturers and their suppliers accounts for approximately 60 percent of Durr's sales. Other market segments include, for example, the mechanical engineering, chemical and pharmaceutical industries, and the woodworking industry.
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SOURCE Mooreland Partners