Nordic Capital, a leading European private equity investor, has signed an agreement to become the majority owner of the German-based Industrial Internet of Things (“IoT”) company ProGlove. ProGlove is a disruptive technology leader for a smarter workforce. In close partnership with ProGlove’s management and founders, Nordic Capital will enable the company to accelerate its future growth plans, further expand its customer base and invest in product development. The financial terms of the transaction will not be disclosed.
ProGlove is a technology leader that has been growing rapidly since its foundation in 2014. With over 250 employees in Munich, Chicago and Belgrade, it serves numerous customers in retail and e-commerce, logistics and warehousing, manufacturing and automotive across more than 30 countries. Among them are renowned global brands such as Mercedes Benz, VW, BMW, DHL, XPO Logistics, GAP and Staples.