Tokyo headquartered Meritech Co has announced that it will acquire a majority stake in the IoT (Internet of Things) solutions engineering company Eoxys Systems India to build its solutions portfolio.
The deal will be completed through its Indian subsidiary, Meritech Software, according to a statement.
Meritech is a telecommunication testing and measurement solutions provider while Bengaluru-based Exosys which builds IoT and cloud-based solutions for carriers and enterprises.
"This acquisition will enable Meritech to strengthen its footprint in the IoT space. Eoxys will help bolster Meritech's market share in Cellular IoT, especially NB-IoT (narrowband IoT) and industrial IoT. We are excited to make Eoxys part of Meritech group and will continue to invest more in Cellular IoT market space", Harish Sachdeva, group CEO of Meritech said in a statement.
The majority stake acquisition is an all cash deal at an undisclosed amount. Both Meritech and Eoxys being privately held do not have any outside investors. The companies have been in a working relationship over the past few years, with Eoxys building IoT products and services for Japanese carriers and enterprise users in the cellular IoT space.
"Joining hands with Meritech will provide us with a unique ability to contribute towards this large industry movement and create a highly innovative IoT ecosystem. We look forward to being a part of this journey," Prabhakar Annavi, CEO of Eoxys added.
All employees and current customers of Eoxys are expected to remain with the company.