Waiblingen, 1/16/2017 | Company press release
STIHL acquires stake of around 35% in startup GreenIQ Ltd.
- Strengthening digitalization and connected products
- Development of a STIHL Smart Garden Hub
The STIHL Group has taken a stake in GreenIQ, an Israeli startup company which specializes in the development, sale and distribution of connected products for garden applications, such as irrigation and lighting. “Our stake in GreenIQ will accelerate our activities in the area of digitalization and connected products. For example, a conceivable application would be the intelligent networking of a lawn irrigation system with the iMow C robotic mower from our subsidiary VIKING,” commented Dr. Bertram Kandziora, STIHL Executive Board Chairman about the decision to acquire stock. In December 2016, Odi Dahan, founder and CEO of GreenIQ, entered into agreements with the STIHL Group concerning the purchase of 34.42% of the shares in GreenIQ Ltd., based in Tel Aviv, Israel. The contracts, as well as final transfer of ownership, were concluded on January 16, 2017.
Business relationship and cooperation on a partnership basis
GreenIQ and STIHL intend to maintain business relations on a partnership basis and pursue close cooperation in a range of fields. GreenIQ will continue to operate independently on the market even after the acquisition of shares. “This share participation is not only to secure access to a team of experienced software developers for connected products, but also to support the development of our own STIHL Smart Garden Hubs,” said Dr. Kandziora. The parties have agreed not to disclose the purchase price.
GreenIQ: Israeli software developer for connected products
GreenIQ was founded in 2013 and operates in the dynamic market of Smart Garden applications. The company sells its products to customers worldwide and currently its primary activity is the manufacture of a “Smart Garden Hub”, which makes it possible to control garden irrigation by means of a mobile app. Intelligent garden irrigation that takes into account extensive weather and sensor data can achieve significant water savings – which makes a major contribution to the protection of nature and the environment, especially in dry regions. Expansion of the product portfolio is already planned. GreenIQ employs a small and experienced team of hardware and software developers in Tel Aviv to develop connected products. Tel Aviv is a center for the Israeli high-tech industry and a location for the development of products with high software requirements.
