US-based industrial internet of things software developer C-Labs has been acquired by Trumpf International, the industrial conglomerate that was already an investor in the startup, according to Geekwire.
Financial terms were not disclosed, but an unnamed source told Geekwire the deal was worth more than $10m. The company will continue to operate independently.
Founded in 2009, C-Labs has developed software that enables enterprise users to monitor their manufacturing plants. The technology makes it possible to access data collected remotely while guaranteeing security frameworks are adhered to.
The acquisition is expected to help C-Labs grow its client-base and access more resources.
Trumpf previously participated in a $2.7m series A round in 2015, when it also signed a licensing deal to use C-Labs’ technology. No other investors have been publicly named.
Chris Muench, chief executive of C-Labs, said: “When I founded C-Labs in 2009, the term internet of things was not yet in popular use. Now our software simplifies and secures vital communications in places as diverse as automotive plants, power generation facilities and research labs.”