SECO Acquires InHand Electronics
ROCKVILLE, Md., Nov. 05, 2019 (GLOBE NEWSWIRE) -- SECO Group acquires 100% of InHand Electronics.
SECO, a high-tech manufacturer of computer miniaturization and “ready-to-use” integrated systems, with shareholder FII Tech Growth fund backed by Cassa Depositi e Prestiti, is pleased to announce that today it has signed an agreement to acquire InHand, a Maryland-based leading provider of low-power embedded systems and software to original equipment manufacturers of handheld, portable, battery operated, Internet of Things (IoT), and wireless devices.
“We are extremely pleased to have InHand as part of the SECO Group. This is a very strategic acquisition for increasing our presence in the US market thanks to a very skilled R&D department and tier 1 US-based customers. With the combination of InHand and SECO USA we are confident we will be able to achieve new and larger portions of the American market in the forthcoming years” states Massimo Mauri, Executive Board Member at SECO Group.
“We are very pleased to be now part of the SECO Group. With our specific capabilities and market presence in the United States, SECO will be able to leverage on expanded expertise in order to grow significantly in our geography. This transaction brings together two companies that complement each other in all areas giving the combined entity a unique platform for future success” states Mark Price, President and Co-Founder at InHands Electronics.
The acquisition, which will be finalized once CFIUS filing approval is received, places SECO as one of the leading providers of embedded technologies in the North American market.
In April 2018, FII Tech Growth, a fund promoted by CDP and managed by Fondo Italano d’Investimento SGR, invested €10 million in SECO to accelerate its expansion and internationalization.
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