TVS Motors picks 14% stake in US-based IoT company Altizon

By: |
Published: April 28, 2019 2:16:28 AM

TVS Motor said that it makes an investment of Rs 63,268 in Altizon Systems Private Limited, and TVS Motor Company’s wholly owned subsidiary in Singapore makes an investment of $25,00,000 in Altizon inc, US.

TVS Motors, Altizon, equity shares of Altizon India, IoT platforms, Gartner, Magic Quadrant, stock exchanges In Altizon Inc, for its investments, the company gets 5,30,543 Series A Preferred stock amounting to 14.142% shareholding and in its Indian arm it gets 10 equity shares, TVS informed the stock exchanges.

Two-wheeler major TVS Motor Company said that it has picked up 14.142% stake in the US-base IoT company called Altizon Inc through its Singapore-based subsidiary for a consideration of $25,00,000. In addition to this, the company has acquired 10 equity shares of Altizon India.

Altizon, an industrial loT company, empowers industrial digital revolutions globally by helping enterprises use machine data to drive business decisions. Altizon enables digital transformation in enterprises by accelerating smart manufacturing initiatives, modernising asset management, and pioneering new business models for service delivery.
Altizon is a leading Industrial IoT platform provider recognised by Gartner in its Magic Quadrant for IoT platforms. Altizon has a presence in Pune, India and Scotts Valley, California, US. Altizon Inc had reported a turnover of $153,652 in FY18 (January-December).

Also read: Mark Zuckerberg says content encryption won’t affect business much; testing WhatsApp Pay actively in India

TVS Motor said that it makes an investment of Rs 63,268 in Altizon Systems Private Limited, and TVS Motor Company’s wholly owned subsidiary in Singapore makes an investment of $25,00,000 in Altizon inc, US. In Altizon Inc, for its investments, the company gets 5,30,543 Series A Preferred stock amounting to 14.142% shareholding and in its Indian arm it gets 10 equity shares, TVS informed the stock exchanges.

TVS further said that the US IoT company’s technology portfolio has definitive value in driving digital transformation with industrial IoT. By this investments, we will partner Altizon in their exciting journey of growth and market leadership. TVS Motor will utilise the strong roaster of global industrial majors who are customers of Altizon and will gain from enhanced technology offerings. it said further to the stock exchanges further.

Get live Stock Prices from BSE and NSE and latest NAV, portfolio of Mutual Funds, calculate your tax by Income Tax Calculator, know market’s Top Gainers, Top Losers & Best Equity Funds. Like us on Facebook and follow us on Twitter.