BrainHeart Capital, the Swedish venture capitalist, has completed the acquisition it began in June last year of wireless technology developer Åkerströms.
The firm has bought the remaining 30 per cent of the company from the former owner Jan Åkerströms for an undisclosed amount.
Åkerströms was founded in 1918. It first began to develop wireless technology 40 years ago with the advent of radio communication. Today the company develops industrial wireless products such as Trux, a wireless PC for professional vehicles and Remotus, an industrial radio control application.
In July last year, the company spun out Nowire, a service business that develops and implements wireless infrastructures to wireless internet service providers (WISPs).
According to BrainHeart, there remains plenty of room for improvement and the firm will look to increase Åkerströms sales efforts across Europe to ensure a slice of the rapidly growing market for wireless applications in professional vehicles.
“Åkerströms’ extensive experience in radio-based industrial solutions is an incredible asset,” said Magnus Melander, an investment manager at BrainHeart. “We see great opportunities for the company to expand on an international level in both the industrial and WISP sectors.”
In related news, BrainHeart has appointed Jussi Saarinen as a partner in the firm’s corporate finance team.
Prior to this, Saarinen was a partner at Hagstömer& Qviberg, where he led the firm’s corporate finance transaction team.
BrainHeart Capital, based in Stockholm, operates the largest industrial capital venture fund in Europe at around SEK2150m (E232m), which it uses to invest in the wireless technology sector. Investments range from seed stage to larger buyouts of existing companies. Typically the firm invests between SEK10m (E1m) and SEK100m (E10m) in first and second round financings.
The firm recently became the largest shareholder by almost half the stock in Wireless Maingate, a Scandinavian company developing machine-to-machine communication software. It invested alongside Catella Kapitalförvaltning, MVI, Telia and the founders.