Elatec, a Puchheim near Munich, Geramny-based provider of multi-standard RFID readers, received a growth equity investment from Summit Partners.
DPE Deutsche Private Equity and its co-investors sold their majority holding in the deal, whose amount was not disclosed. DPE and co-investors will retain a minority stake in the company. Dr. Matthias Allgaier, a Managing Director at Summit Partners, will join the Elatec Board of Directors.
The transaction is subject to investment review by the German Federal Ministry for Economic Affairs and Energy and is expected to close in the first half of 2018.
Led by CEO Stefan Haertel, Elatec is specialized in the development and global sales of contactless (RFID, NFC, Bluetooth) and contact (SmartCard) readers/writers. Elatec modules enable the clear identification of individual users on end devices and are used across a broad range of numerous applications and solutions, such as secure printing, elevator systems, fitness devices, industrial production, kiosk, physical access, and point-of-sale systems. The readers/writers developed by Elatec support all common RFID standards worldwide. Since DPE’s investment in January 2016, the company has nearly doubled its revenues and headcount, accelerated the development of its core business, strengthened its market leadership in Europe, expanded U.S. presence, established an Asian footprint in both China and Japan, and diversified the industries served by its products.
The company intends to use the funds for continued, accelerated growth, bringing its solutions to new customers, new verticals and new geographies.