DUBLIN--(BUSINESS WIRE)--Allegion plc (NYSE: ALLE), a leading global security products and solutions provider, has made, through one of its subsidiaries, an equity investment in European IoT mobility platform developer Conneqtech.
Founded in the Netherlands in 2014, Conneqtech develops platforms that enable connected mobility with GPS and rental tracking, specializing in IoT solutions for bicycles, as well as healthcare applications. Conneqtech has already partnered with one of Allegion’s leading portable security brands, AXA, to develop the AXA Connect. The solution allows cyclists to stay in touch with their bicycles via a smartphone. Bicycles can be followed live, traced and protected against theft using a personalized app.
This is Allegion’s second European IoT investment in 2018, as Allegion Senior Vice President and President of EMEIA Lúcia Veiga Moretti also announced a strategic investment in smart-home innovator Nuki in February. She noted that Allegion is committed to leading the electromechanical convergence in the security industry across all of its businesses.
“We are excited to be working with another pioneer in the European IoT markets – Conneqtech,” Veiga Moretti said. “Allegion’s Global Portable Security business is a leader in the marketplace with the continued innovation of our trusted AXA, Kryptonite and Trelock brands. As we look for new ways to provide increased value for our customers, complementing our strong mechanical heritage with intelligent solutions is at the top of the list.”
Allegion and Conneqtech will work together to continue developing best-in-class connected solutions and bring them to new markets.
“We believe that Allegion is a partner who’s truly committed to industry-leading innovation,” said Conneqtech Founder and CEO Bart Visser. “Our team looks forward to driving the next generation of e-bike solutions together.”
The partnership is consistent with Allegion’s strategy to drive growth and create shareholder value by investing in new technologies.
This press release contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, including, but not limited to, statements that relate to the acquisition’s impact on the company’s financial and operational performance, the acquisition’s ability to drive growth and the integration of the acquisition. These forward-looking statements are based on the company's current available information and its current assumptions, expectations and projections about future events. They are subject to future events, risks and uncertainties - many of which are beyond the company’s control - as well as potentially inaccurate assumptions, which could cause actual results to differ materially from those in the forward-looking statements. Further information on these factors and other risks that may affect the company's business are included in filings it makes with the Securities and Exchange Commission from time to time, including its Form 10-K for the year ended Dec. 31, 2017, and Form 10-Q for the quarter ended March 31, 2018, and in its other SEC filings. The company assumes no obligations to update these forward-looking statements.
Allegion (NYSE: ALLE) is a global pioneer in safety and security, with leading brands like CISA®, Interflex®, LCN®, Schlage®, SimonsVoss® and Von Duprin®. Focusing on security around the door and adjacent areas, Allegion produces a range of solutions for homes, businesses, schools and other institutions. Allegion is a $2.4 billion company, with products sold in almost 130 countries. For more, visit www.allegion.com.