Investcorp Technology Partners (ITP), the technology private equity arm of Bahrain-based private equity firm Investcorp, on Wednesday announced that it has completed the acquisition of Ubisense’s SmartSpace business unit.
The SmartSpace unit is an enterprise software and sensor platform that generates and interprets vast amounts of location data to create digital visibility of real-world objects and their interactions in real time, ITP said in a statement.
The transaction’s total cost amounted to AED 163.7 million (GBP 35 million), the leading European lower middle market technology investor added.
“Ubisense is an excellent addition to our Technology Partners portfolio. The Company’s Real-Time Location Solution product is, I believe, revolutionary within the Industrial Internet of Things space and we have been impressed by the strength and depth of the management team,” Gilbert Kamieniecky, managing director and head of Investcorp’s Technology Private Equity business, said.
This is the fifth deal from Investcorp’s Technology Fund IV.
“The investment is a testament to the attractive product offering and leading technology we have built over the last few years and we look forward to this exciting new chapter,” Andy Ward, founding member and Chief Technology Officer of the business, commented.
By the end of June 2018, the Investcorp Group had $22.6 billion in total assets under management (AUM), including assets managed by third-party managers and assets subject to a non-discretionary advisory mandate where Investcorp receives fees calculated based on AUM.
It is worth noting that Investcorp has offices in Bahrain, New York, London, Abu Dhabi, Riyadh, Doha, and Singapore.