Former resident sold for 7m EURO
The Danish start-up company Miitors, who is a previous resident in Vitus Bering Innovation Park, has just been sold for 7m Euro to a Polish water meter company.
Insero, J. Drachmann Holding, Borean Innovation and two business angels have sold Miitors to the polish holding company APATOR Group for 7 M. Euro. Miitors, who have created the smallest water meter in the world, will henceforth function as an R&D competence centre for ultrasonic measuring – marketed through the APATOR Group.
I am certain I speak for all investors, when I express pride and satisfaction in the fact that we – with our investments and advice – have played a part in bringing Miitors to a successful exit to a very suited partner, who will continue running Miitors in its present form, says Thor Jespersen, Chairman of the board in Miitors.
The smallest water meter in the world
Since Miitors was established in 2010, the development of the ultrasonic water meter has progressed rapidly, and the new technology covers a growing demand on the market for intelligent water meters.
Our ultrasonic meter is the smallest in the world, both in terms of dimensions and in its use of electricity. Furthermore, its flexible design makes it ideal for manufacturing many different types of meters at a low cost. This makes our technology attractive as water meters i.e. can be produced without moving parts which are more effective, more accurate and at the same time remotely readable, explains Jens Drachmann, founder of Miitors.
Exit for venture foundation
Insero, who invested in Miitors in 2012, is no longer part of the company’s group of owners.
We are proud to have been part of this journey in the past three years. Miitors is an excellent example of how innovative technologies and hard work combined with venture capital can result in successful companies. It is with great pleasure, that we transfer the ownership of Miitors to a strong new owner – capable of taking the company to new heights. For Insero, the investment in Miitors have been a great success, concludes Søren Munk, Chief Investment Manager at Insero.
Facts about APATOR Group
APATOR Group is a polish holding company currently consisting of 15 companies. APATOR is a supplier of innovative technical solutions, with a steady development and growing turnover. Total sales is approx. 180 M. Euro per year.
The news story comes from www.insero.com