US company Vontier Corp. (NYSE: VNT) today announced the acquisition of Israeli electric vehicle charging and energy management software developer Driivz No financial details about the deal were disclosed although Vontier said it was part of its $500 million commitment to lead in energy transition.
Founded in by CEO Doron Frenkel, Driivz has raised $23 million plus an undisclosed amount from Volvo last March. The Hod Hasharon-based company has developed a platform for end-to-end management of large charging networks for electric vehicles.
Vontier president and CEO Mark Morelli said, "The energy landscape will change more in the next 10 years than in the previous hundred and today’s announcement underscores our Net Zero goals and advances our plan to deliver solutions to help address the global emissions challenges."
He added, "The acquisition of Driivz accelerates our portfolio diversification and e-mobility strategies toward long-term secular growth drivers and positions us well to capitalize on the global EVCI market opportunities. Driivz provides us with market leading technologies within the highest growth, most profitable network management software market segment. We are excited to offer our customers with best-in-class software that is hardware agnostic and the ability to continue to own the consumer experience."
Driivz provides solutions to a wide range of customers participating in the global development of electric vehicle charging, including utilities, charge point operators, fleets, OEMs, EMSPs (e-mobility service providers), and oil and gas companies. Driivz’s highly scalable software supports over 500 different charger types providing its customers with access to over 100,000 charging points worldwide. Driivz’s advanced features and architecture will enable current and new customers to rapidly scale their charging networks to meet growing global demand.
Frenkel said, "This acquisition will advance our vision and mission to transform the EV charging energy challenge into a solution to a bigger problem - creating a greener world for future generations. Together we can drive broader and deeper impact at a global scale and decarbonize our customers’ energy footprint."
Driivz will continue to be led by Frenkel and will be run as an independent company and wholly owned subsidiary of Vontier.
Published by Globes, Israel business news - en.globes.co.il - on February 8, 2022.
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