Mistbase is Lund-based startup that develops less expensive hardware and software for wireless communication between connected devices. Founded in 2015 by Michal Stala and Magnus Midholt together with Lund University’s holding company, LU Holding AB, Mistbased has now been acquired by hardware giant ARM.
Neither party shared the details of transaction, but in April last year Mistbase took in 4 million SEK (400 000 euro) investment from Johan Qviberg Qiunary, Minc’s former CEO Marten Öbrink, Body Trace-founder Andy Ketskes and business angel Anders Berglund. Then the company was valued at 20 million SEK (2 million euro). According to DiDigital, the investment seems to have given a return of 6-8 times. Reportedly, the deal landed somewhere between 120 and 150 million SEK (12-15 million euro).
“I have no comment on the purchase price, but note that this is our best investment to date,” – shared to DiDigital Linus Wiebe, Director of Innovation at Lund University Holding AB, who until the deal owned about 10 percent of the company.
The deal means that ARM takes over the Mist Base technology and personnel. ARM has an ambition to create a design center in wireless communications in Lund. The team behind the Mistbase has around 15 employees, but will grow in the coming years.
“The deal makes it clear that Scania has a vision to become a world leader in the internet of things. In many deals, when acquired, technology and expertise and moved to California, for example, but in this case the expansion of team and technology continues on spot,” – said Linus Wiebe.
The purchase of the Mistbase is ARM’s second takeover in Skåne. In 2008 ARM acquired Logipard, a subsidiary of Anoto who worked with video technology. Since then ARM has built up a strong presence in the region and has about 100 employees in Lund.