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SECO, a high-tech manufacturer of computer miniaturization and “ready-to-use” IoT integrated systems, with shareholder FII Tech Growth fund backed by Cassa Depositi e Prestiti, is pleased to announce that it has completed the acquisition of 100% of InHand, a Maryland-based leading provider of low-power rugged embedded systems and software to original equipment manufacturers of handheld, portable, Internet of Things (IoT), and wireless devices for the military/defense, industrial, medical, transportation, infotainment and field operations equipment markets.
"The acquisition of InHand significantly expands SECO’s dimension in the United States, positioning our Group in an ideal set-up to meet the growing demands from medical, defense and industrial US-based customers" said Greg Nicoloso, President and CEO of SECO USA. "The extensive competencies in engineering, development and manufacturing generated as a result of the integration between SECO USA and InHand represent a significant added value for the combined company’s customers.”
Founded in 1984 as DVP and renamed InHand Electronics in 2000, InHand is recognized as a leader in the design and manufacturing of commercial off-the-shelf (COTS) Single Board Computers (SBC) and tablet platforms for OEMs of wireless, IoT, and handheld electronic devices. The company is ITAR registered for engineering design services and products, headquartered in Rockville, Maryland, has approximately 20 employees and is expected to grow significantly through its integration with SECO USA over the next 3 years.
“We are very enthusiastic about the integration with the SECO Group which gives us the immediate ability to offer our customers an additional level of technological solutions and product portfolio” said Carlos Valeiras, CEO of InHand Electronics. “Our engineering expertise combined with SECO’s resources, extensive product portfolio, and industrial operations model will allow us to better serve our customers and grow significantly in the United States.”
As a result of the transaction SECO USA and InHand Electronics jointly operate as a single company named SECO InHand under the guidance of Greg Nicoloso as Chief Executive Officer. The SECO InHand Board of Directors will be formed by Greg Nicoloso, Les Goodman (Chairman), Carlos Valeiras (CFO), Mark Price (CTO) and Massimo Mauri (Director).
White & Case acted as legal advisor to SECO in connection with the transaction and the interaction with the competent US authorities.