Private equity firm Summit Partners has acquired a majority state in Elatec, a German manufacturer of radio frequency identity (RFID) readers, from Deutsche Private Equity.
Elatec, which is based in Puchheim near Munich, specialises in the development of contactless and contact readers and writers used in Smartcard and Bluetooth systems.
The firm's modules enable the clear identification of individual users on end devices and are used across a range of applications and solutions such as secure printing, elevator systems, fitness devices, industrial production, kiosk, physical access, and point-of-sale systems.
Deutsche Private Equity (DPE) invested in Elatec in January 2016 and since then the business has nearly doubled its revenues and number of employees.
The investment will be used to grow Elatec further through expansion overseas and into new end markets. DPE will retain a minority stake in the business.
Stefan Haertel, CEO and co-owner of Elatec, said: “With DPE’s expertise in growth, we have successfully accelerated the development of our core business, strengthened our market leadership in Europe, expanded our U.S. presence, established an Asian footprint in both China and Japan, and diversified the industries served by Elatec‘s market-leading products. DPE’s support has been instrumental in this growth, and we are now excited to welcome Summit Partners to the Elatec team.”
Dr. Matthias Allgaier, a Managing Director at Summit Partners who will join the Elatec Board of Directors, added: “Elatec’s multi-protocol solutions uniquely address a market need, supporting more than sixty different transmission standards and enabling the use of RFID applications across myriad end-markets. We believe the company is well-positioned for continued, accelerated growth, bringing Elatec’s solutions to new customers, new verticals and new geographies.”