Cyan, the integrated system and software design company delivering mesh based flexible wireless solutions for utility metering and lighting control in the UK, announced its intention to acquire standards-based software and EIT Digital-supported scaleup Connode.
Headquartered in Stockholm, Connode is a leading supplier of wireless communication products for IoT and has successfully deployed over 650,000 legacy units with utilities. Connode provides a standards-based IPv6 6LoWPAN solution for developed markets in Europe and Asia.
The acquisition of Connode will accelerate Cyan’s product roadmap with the addition of IPv6 6LoWPAN, expand Cyan’s geographic coverage from the major emerging markets (including India, Iran, Africa and China) to developed markets (including Europe and other western markets, potentially North America) and allow the combined company to become the world number one in narrowband mesh networks.
Connode joined the EIT Digital Accelerator in 2015. This in order to expand across Europe and be introduced to industrial potential customers.
The acquisition is subject to shareholder approval to be sought at a general meeting of the company to be held on 30 June 2016.
For more information, read here.
Cyan acquired Connode Holding AB for £6.8m. Cyan shareholders approved the acquisition on 30 June 2016.
More information available here.