ECUtronic ends 2007 with a threefold increase in sales and its first international acquisition (22/01/2008)
In 2007 Ecutronic generated revenue of over €3.7 million, with significant sales in the areas of on-road assistance, fleet management and remote monitoring solutions. During 2007, the company also closed on an acquisition, in Italy, which is expected to immediately contribute to both Ecutronic's R&D and internationalization efforts.
The company closed 2007 with revenues exceeding €3.7 million, and has consolidated its presence in the larger segments of Intelligent Transport Solutions. Specifically the company has closed very significant contracts in the areas of on-road assistance, fleet management and remote monitoring solutions. This growth has been accompanied by a strong increase in the sales of advanced diagnosis solutions targeting independent workshops.
The company has also completed its first acquisition through an agreement to purchase all the assets of Logos, CZ and Data Laster in Parma, Italy. This acquisition will provide ECUtronic with significant R&D and IP assets to support its ongoing strategy to develop next generation ITS solutions. It also provides an initial platform to support the internationalization of ECUtronic´s activities beyond is native markets of Spain and Portugal.
The company has also grown its team significantly, reaching a total of 50 people, of which more that 50% are dedicated to R&D activities.
About ECUtronic
ECUtronic Technologies provides ITS (Intelligent Transport Solutions and Systems) to diverse operators related to the automotive industry. The company is focused on research, development, and marketing of products and systems that provide a platform to support the delivery value added services in the environment of the car (e.g.: preventive maintenance, pay as you drive, road site diagnosis and tracking, driver monitoring, safety, concierge services, etc…).
Currently ECUtronic has solutions deployed in multiple situations. Its technology has been applied to fleet management, on-road assistance, insurance, renting and leasing, multi-brand workshops, as well as to initiatives aimed at increasing road safety and reducing contamination.
Privately-held, ECUtronic Technologies has its headquarters in Malaga, Spain, with offices in Madrid, Spain and Parma, Italy. Adara Ventures is its main institutional investor.
For more information visit www.ecutronic.com
About Adara
Adara is a venture capital firm which invests in globally-oriented ICT ventures that address Spain and related markets, and which seeks to leverage its investing and operational experience to provide decisive support to the development of portfolio companies. Adara’s portfolio of investments presently includes ventures in the following areas: software platforms and services, mobile and on-line services, components and semiconductors and telecommunications equipment.
For more information visit www.adaravp.com
Steve Flavell
Co-CEO & Founder - Ring2
Alongside their clear financial and strategic input, Adara’s industry introductions have been numerous, relevant and valuable for our business development.
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