STOCKHOLM, March 3, 2021 /PRNewswire/ -- ASSA ABLOY has acquired the textile services business of Invengo Information Technology Co., Ltd, a leading real-time inventory management platform combining software, RFID tags, equipment and services to efficiently identify, track and monitor linen and textile assets.

"Invengo Textile Services is a strategic technological addition to the ASSA ABLOY Group. The company reinforces our current offering within the global RFID ecosystem. The acquisition of Invengo Textile Services enhances the Group's position within smart components and will provide complementary growth opportunities," says Nico Delvaux, President and CEO of ASSA ABLOY.

"The addition of Invengo Textile Services to HID's portfolio underscores our leadership position as solution enabler in the RFID market, particularly in the fast-growing commercial laundry sector," says Björn Lidefelt, Executive Vice President and Head of Global Technologies business unit HID Global.

Invengo Textile Services (formerly Tagsys) was founded in 1993 and has some 45 employees. Based in La Ciotat, France, it will be part of HID's Identification Technologies Business Area.

Sales in 2020 amounted to about MEUR 11 (approx. MSEK 110) and the acquisition will be neutral to EPS from start.

For more information, please contact:
Nico Delvaux
President and CEO
tel. no: +46 8 506 485 82

Erik Pieder
CFO and Executive Vice President
tel. no: +46 8 506 485 72               

Björn Tibell
Head of Investor Relations
tel. no: +46 70 275 67 68

About ASSA ABLOY

The ASSA ABLOY Group is the global leader in access solutions. The Group operates worldwide with 48,000 employees and sales of SEK 88 billion. The Group has leading positions in areas such as efficient door openings, trusted identities and entrance automation. ASSA ABLOY's innovations enable safe, secure and convenient access to physical and digital places. Every day, we help billions of people experience a more open world.

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SOURCE ASSA ABLOY