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Assa Abloy Buys Inventory Management Platform Invengo Textile Services

By Dominic Chopping


STOCKHOLM--Swedish lock maker Assa Abloy AB said Wednesday that it has acquired the textile services business of Invengo Information Technology Co., a real-time inventory management platform that tracks and monitors linen and textile assets.

"Invengo Textile Services is a strategic technological addition to the Assa Abloy Group," Chief Executive Nico Delvaux said.

"The acquisition of Invengo Textile Services enhances the group's position within smart components and will provide complementary growth opportunities."

Invengo Textile Services--formerly Tagsys--was founded in 1993 and has some 45 employees. Based in La Ciotat, France, it had sales of about 11 million euros ($13.3 million) in 2020 and will be neutral to EPS from the start, Assa Abloy said.

The acquisition price wasn't disclosed.


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(END) Dow Jones Newswires

March 03, 2021 02:43 ET (07:43 GMT)

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