Anoto Group AB, a Swedish digital writing company operating in Lund has recently announced about acquisition of one of its main competitors, Livescribe, reports Breakit. The acquisition that costs 130 million SEK (14 million EUR) is expected to take place at the end of November 2015.
Anoto offers digital writing solutions, transmitting handwriting to digital devices. It provides services in various sectors, such as healthcare, bank and financial services, government and education. Livescribe also specialises in smartpen manifacturing and is based in San Francisco.
According to Anoto’s quarterly report, the company’s sales have increased significantly, to 55 million SEK compared to 27 million SEK in the same period last year. The Swedish company is considered a world leader on the market, and with acquiring its competitor it can increase its market share even more. Moreover, the acquisition also enables the company to extend their product portfolio and enter the consumer market.
“Acquiring Livescribe is another important step in consolidating the Anoto ecosystem and realizing synergies in hardware and software development, supply chain and operations, and sales distribution,” said Stein Revelsby, CEO of Anoto in a statement. “We are already working on a new range of products to be launched in Livescribe’s sales channels in 2016.”