CapMan Press release 14 June 2016 at 2.00 p.m. EEST
CapMan announces intention to exit Connode to Cyan
Funds managed by CapMan have signed a Share Purchase Agreement, which details CapMan’s intention to sell its holding in Connode Holding AB to UK-based Cyan Holdings plc, a market leader in narrowband mesh technology for energy, lighting and the Internet of Things (IoT) in emerging markets. Cyan’s acquisition of Connode is subject to shareholder approval to be sought at a Cyan general meeting to be held on 30 June 2016. Connode is a leading provider of wireless mesh communications for the IoT.
“Connode has recently reached several important milestones in terms of contracts and projects. This transition in ownership allows the company to continue developing its communications solution for the global IoT market,” says Lennart Jacobsson, Chairman of the Board of Connode and Senior Advisor at CapMan.
Funds managed by CapMan originally invested in Connode in 2004. Connode is the final portfolio company of the Swedestart Tech KB fund and the penultimate company of the CapMan Equity VII generation technology funds.
For more information, please contact:
Lennart Jacobsson, Senior Advisor at CapMan, tel. +46 705 55 10 50
CapMan is a leading Nordic investment and asset management company. For more than 25 years, we have been developing companies and real estate and supporting their sustainable growth. We are committed to understanding the needs of our customers in an ever-changing market environment. Our objective is to provide attractive returns and innovative solutions for our investors and value adding services for professional investment partnerships, growth-oriented companies and tenants. Our independent investment partnerships – Buyout, Real Estate, Russia and Nest Capital – as well as our associated company Norvestia are responsible for investment activities and value creation. CapMan’s service business offering includes fundraising advisory services, purchasing activities and fund management services to both internal and external customers. CapMan has 100 professionals and assets under management of 2.7 billion.
Connode, headquartered in Stockholm Sweden, is the leading supplier of wireless communication products for the Internet of Things. Connode wireless technology is the result of 10 years development of large-scale wireless mesh networks. Since 2006 utilities and telecom operators have deployed Connode-enabled devices in large-scale projects in Europe, Middle East and Asia. Connode is a key supplier of mesh technology to the UK Smart Metering Programme.