The Munich Private Equity team advised a consortium comprising lead investor Summit Partners, DI Technology (DIVC), Bayern Kapital and the founders, on the sale of their shares in Munich-based Industrial Internet of Things (“IoT”) company Workaround GmbH (ProGlove), a leading global provider of wearable scanner solutions, to Nordic Capital. ProGlove’s founders and management will remain invested as minority owners. The transaction is subject to customary regulatory approvals.
ProGlove was founded in 2014 and is an engineering company providing integrated hardware and software solutions that are built around wearable barcode scanners with multiple IoT sensors allowing for hands-free data capture.
Summit was founded in 1984 and is a global alternative investment firm that is currently managing more than USD 42 billion in capital dedicated to growth equity, fixed income and public equity opportunities. Summit invests across growth sectors of the economy and has invested in more than 500 companies in technology, healthcare and other growth industries.
For additional details, please read the press release.