Sensor analytics company Savi said the acquisition of 17.65 percent of its shares by SGS, a leading inspection, verification, testing and certification firm, will allow it to access new markets.
SGS, an inspection, verification, testing and certification firm, has acquired a 17.65 percent ownership stake in the pioneering sensor analytics company Savi, according to a statement from the company.
Financial terms of the deal were not disclosed.
Savi said the investment will allow it to sell industrial “internet of things” solutions across SGS’s entire client base, giving it access new markets.
Savi compiles data from sensors such as location, time, temperature, humidity and synthesizes it with data from documents so that shippers and carriers can track and trace shipments and obtain information on the condition of cargo.
“Our investment in Savi and its industry-leading experts will help drive forward future innovation at SGS, providing us with access to Savi’s award-winning technology that is important to our own strategic transformation,” SGS CEO Frankie Ng said of the deal. “We are excited about the expansion of our partnership as well, which enables innovative solutions powered by Savi technology to be integrated and sold across all divisions and geographies of SGS. Working with Savi for the past five years, we have achieved good results for our clients, and we see data and analytics as a growth opportunity for our company. Therefore, it was only natural that we would move forward to the next phase of our relationship by taking a minority stake in Savi to accelerate development of world-class technology that will drive our future business.”
“Multi-national commercial organizations have an opportunity to accelerate their businesses by tapping into the power of the Industrial IoT. The SGS investment is a testament to our five year relationship and shared vision on how to help those businesses achieve that potential with unparalleled global reach,” added Bill Clark, President and CEO of Savi. “With many of Savi’s more than 1,000 commercial customers also being served by SGS, this will allow us to expand the partnership to serve all of SGS’s business units and bring new, transformative solutions to the global marketplace.”
SGS acquires minority stake in ‘Internet of Things’ company
