Press release
Stockholm, June 14, 2007
Industrifonden invests in vehicle electronics supplier Movimento
The rapidly growing company Movimento, designing and manufacturing world leading tools for the automotive and transportation industry, attracts SEK 40 million (corresponding to approx. USD 5.6 million) in new venture capital from the Swedish equity investor Industrifonden and existing owners. The expansion capital allows Movimento to improve its presence in the key marketsJapan, Germany and South Korea.
Movimento provides the comprehensive tool chain, from R&D and engineering of advanced measurement and test systems for vehicle manufacturing, to vehicle adapted equipment and validation of components and complex systems. Today, Movimento is present in the Swedish and North American markets through offices in Gothenburg and Plymouth (MI) close to Detroit. Several world leading vehicle manufacturers have been added to the customer list during the last 18 months.
– Due to the use of electronics in today’s vehicles we see a continuously increasing need for the advanced tools and solutions that we can provide, says Movimento’s CEO Joachim Fritzson. We have had a good progress in the markets where we are present in today, but our ambition is of course to establish our solutions in all important markets. The addition of capital provides us with the possibility to improve customer relations through enhanced presence.
Industrifonden signs up for approx. USD 2.8 million, joining the existing owners Eqvitec Partners fund EFFII and the founders, who covers the remainder USD 2.8 million. Helge Backlund from Industrifonden is taking a seat as a member of the board.
– Movimento has come a long way considering it to be a young company, says Helge Backlund from Industrifonden. In a short period of time they have created a competitive product range and an impressive customer list. Their unique product range gives them a great possibility to succeed with their global expansion. Industrifonden will be an active owner in the board and provide industrial as well as commercial competence.
– Eqvitec Partners fund ETFII are pleased that Industrifonden has identified Movimento as a very interesting company for the future, says Stefan Lindholm from Eqvitec Partners. Since ETFII invested in Movimento 18 months ago, we have confirmed that the company is heading in the right direction. The fund sees this as a good opportunity to increase its investment in Movimento and to secure the continued expansion of the company.
During 2006, ETFII invested USD 3.8 million, allowing Movimento to grow the organization from 25 to 45 professionals, increasing turnover from USD 2.5 million to 4.6 million. Focus during this period has been product development, securing the product platform for the upcoming global expansion.