Vontier, a North Carolina manufacturing firm that owns several brands related to automotive, transport and industrial sectors, is acquiring Israel-based Driivz, which offers an end-to-end charging and smart energy management software platform for the electric vehicles (EV) and other markets.
A statement from Driivz said the acquisition will accelerate Vontier’s strategy “to provide smart, sustainable mobility solutions.” Driivz provides white-label, hardware-agnostic software capabilities to utilities, gas and oil companies, automakers, and EV charging service providers that they can in turn deliver to customer segments such as fleets, hosts, municipalities, commercial and industrial buildings and multi-dwelling units.
Financial terms of the deal were not disclosed. Vontier, a public company, is scheduled to report its fourth quarter earnings next week on Feb. 17. Driivz will continue to be led by Doron Frenkel and will be run as an independent company, a wholly owned subsidiary of Vontier, according to the Driivz statement.
“Vontier believes the next decade could bring the most significant changes to global mobility since the invention of the automobile,” said Mark Morelli, President and CEO of Vontier, in the statement. “Clean, efficient fueling technology is no longer optional. 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 EV Charging Infrastructure (EVCI) market opportunities.”
Frenkel added, “This acquisition will accelerate our market leadership in EV charging and smart energy management.” Frenkel said that Driivz, whose platform already serves tens of thousands of EV chargers around the world that are used by almost 1 million EV drivers, will be able to “drive broader and deeper impact at a global scale.”
Vontier was spun off from industrial firm Fortive in late 2020, which itself was created via separation from global giant Danaher back in 2016. Vontier also owns cloud-based fuel management brand Gasboy and Gilbarco Veeder-Root, which makes fuel dispensers, point-of-sale equipment and related offerings.
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