Norbit has announced that it is renaming its ITS (Intelligent Traffic Systems) business segment to Norbit Connectivity, reflecting its wider remit in the sector. Norbit Connectivity will incorporate ITS with its own Bluetooth Low Energy (BLE), IoT and Ablepay segments, and add the newly acquired iData operation.
Hungarian software service provider iData is specialized in vehicle tracking and monitoring, tailored reporting, fleet management and fuel control.
ITS will, as a sub-segment under Connectivity, continue to offer tailor-made solutions within dedicated short-range communications (DSRC), which includes electronic vehicle identification for efficient toll collection and enforcement of digital tachographs in accordance with specific European directives.
“Norbit has a long track-record within design, manufacturing, and supply of high-volume wireless low power devices,” says CEO Per Jørgen Weisethaunet. “We aim to utilize this experience in selected niche IoT applications. Connectivity provides a better description of what we do in this business unit – namely enabling our clients to further digitize their operations by; data collection and analyses with tailored sensors and connectivity devices, cloud computing and data presentation directly integrated into the client’s own business software or as stand-alone services.
“Asset monitoring solutions is as a natural extension of our business. We see niches where we can act as a technology and solution partner for companies ready to bring IoT into their core domains. With the added experience from iData with software driven subscription-based business models, we can also tailor the business model to fit different client preferences.”
Norbit Connectivity will contribute to the group’s long-term ambition which is to deliver organic revenues in excess of NOK 1.5 billion (US$173m) and an EBITDA margin above 25% in 2024, through continued market driven R&D investments, utilizing Norbit’s global sales and distribution platform, supplemented by a selective M&A strategy.