ProGlove Announces Majority Investment

May 4, 2022
Company Profiles
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Munich, Germany -- ProGlove, a leader in industrial Internet-of-Things (IoT) wearables, today announced that Nordic Capital has entered into a definitive agreement to become the majority owner of the company. This transaction represents an exit for Summit Partners, which invested in ProGlove in 2019.

ProGlove is a technology leader that has been growing rapidly since its founding in 2014. The company provides integrated hardware and software solutions built around wearable barcode scanners with multiple IoT sensors that allow for hands-free data capture. This combination of German engineering and industry analytics software is designed to serve the growing demand for digitalization across industries. ProGlove’s technology helps improve worker well-being, increase productivity and optimize efficiency.

Summit Partners invested in ProGlove in 2019, partnering with a visionary founding team led by CEO Andreas König. During this period, the company significantly expanded its presence in the North American market and broadened its client base from an initial focus on the automotive sector to serve customers in retail, e-commerce, logistics, warehousing and manufacturing. In 2021, the company launched its “Human Digital Twin” cloud-based software platform to firmly position itself as a leading industrial IoT provider.

“We are grateful for the partnership and support of the Summit team, who was instrumental in helping us expand our reach and impact over the last three years,” says Andreas König. “Summit collaborated closely with our team to drive meaningful sourcing and supply chain improvement, optimize our go-to-market strategy and expand our leadership team. Today’s announcement caps a period of significant growth and innovation for ProGlove, and we are excited about the opportunities ahead.”

Today, ProGlove has over 250 employees in Munich, Chicago and Belgrade and serves a diversified mix of customers across more than 30 countries. Among them are iconic global brands such Mercedes Benz, VW, BMW, DHL, XPO Logistics, GAP and Staples.

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