TRONDHEIM: Based on the results of the due diligence, NORBIT ASA has decided to terminate the process and agreement for acquisition of business and assets from the Norwegian IoT company StalkIT and associated companies.
On March 08, 2021, NORBIT announced an agreement for acquisition of business and assets from the Norwegian IoT company StalkIT and associated companies. Completion of the transaction was subject to a satisfactory outcome of a due diligence and shareholder approval in StalkIT and associated companies.
As communicated in January, NORBIT is currently in advanced and exclusive negotiations regarding an add-on acquisition of an undisclosed European company which is operating in the asset and vehicle tracking domain, offering a substantial share of recurring subscription-based revenues. This process is progressing, although closing is expected to be delayed into second quarter.
NORBIT is a global provider of tailored technology to carefully selected niches. The company’s business is structured to address its key markets; Oceans is offering tailored technology solutions to global maritime markets, Intelligent Traffic Systems (ITS) is offering connectivity solutions for vehicle identification and tracking, and Product Innovation and Realization (PIR) is offering R&D services and contract manufacturing to key customers.
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NORBIT is headquartered in Trondheim, Norway, with manufacturing facilities in Selbu and Røros, Norway and 14 offices and subsidiaries around the world.