SECO Acquires Oro Networks
June 07, 2021
News
SECO signed an agreement for the acquisition of Oro Networks, a US company based in the Silicon Valley.
Per the company, the binding agreement for the acquisition of the assets of Oro Networks LLC and its subsidiaries is a strategic transaction creating value for SECO's shareholders and giving rise to SECO Mind US. The acquisition of Oro Networks will allow SECO to sell its IoT-AI CLEA suite on the US market.
Oro designs and develops Artificial Intelligence solutions which are made available on a Software-as-a-Service basis. Oro's solutions allow customers to connect, and cloud manage hardware for smart control, monitoring, and display of actionable insights using machine learning, deep learning, predictive analytics, and data mining. Thanks to Oro's real-time edge AI solution, any device can be turned into a cloud managed intelligent endpoint, and customized AI pipelines can be data generated and deployed on the edge. A set of ready-made and personalized apps are also available for clients to monitor their key performance indicators in real time.
The acquisition of Oro represents a strategic transaction for SECO, allowing it to add a building block to its Artificial Intelligence portfolio and increase the software's weight on the Group's offering. Per the company, Oro will enhance SECO's capacity to target software-first clients, with a particular reference to the US market. In this way, SECO also internalizes further competences to customize its Artificial Intelligence algorithms, while ensuring proximity to the US-based clients with a presence in the heart of the Silicon Valley. The transaction will be completed through SECO's subsidiary SECO USA, Inc., which will control a newly-incorporated company ("SECO Mind US" or the "Newco") holding the assets of Oro.
The closing of the transaction is expected by the end of June 2021.
For more information: https://www.seco.com/en/news/seco-oro-networks
