SecurityWorldMarket

05/02/2019

Addsecure - Vehco acquisition expands Nordic footprint

Finland

Addsecure-owned Vehco acquires Finland’s leading fleet management company, Paetronics Oy.

Addsecure-owned fleet management systems provider Vehco has acquired Paetronics Oy, the leading Finnish Fleet Management supplier to a wide range of transport companies in Finland.

Shortly after Addsecure stepped in as new owners in May 2018, Vehco announced the strategic acquisition of Groeneveld ICT, a leading Dutch fleet management provider. With the acquisition of Paetronics, Vehco pursues its growth strategy and vision of becoming the leading Fleet Management provider in Europe to heavy commercial vehicles (HCV). At the same time, Addsecure further strengthens its position in Finland, after having established Addsecure Oy early 2018.

Through the acquisition, Vehco strengthens its market leading position in the Nordics and has a solid platform for European growth. At the same time, the company expands its know-how on state-of-the-art hardware and software platforms, empowers its solutions portfolio as well as increases its R&D capacity.

"We are very excited to bring the Paetronics team into the Vehco family. Both Vehco and Paetronics are committed to providing premium vehicle and transport services required by customers in Finland and across Europe. In addition, the two companies’ company culture, business strategies, success definitions and customers are a good match” said Magnus Orrebrant, CEO of Vehco.

“We are pleased to join the Vehco team and looking forward to sharing both knowledge, experience and resources. Through the merge Paetronics’ potential will best be realised and further growth and scale can be achieved,” said Mika Kivela, CEO of Paetronics Oy.

“The acquisition further strengthens Vehco’s and Addsecure’s footprint in the Nordics, and fits well into the company’s overall growth strategy and vision of becoming the number one FMS supplier. For Paetronics this merge is an opportunity to join an expansive European provider,” said Stefan Albertsson, CEO of Addsecure.

The acquisition will cover 100% of Paetronics Oy and its Swedish subsidiary Econen AB. Paetronics will be fully incorporated and re-branded Vehco.


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