ASSA ABLOY has sold the business and assets of AdvanIDe to a new holding company based in Singapore, with the majority shareholder being the Japan South East Asia Growth Fund.
The transaction will lead to growth opportunities for AdvanIDe, which are currently limited within the ASSA ABLOY Group.
AdvanIDe is a leading semiconductor provider focused on components for RFID transponders, chip cards, RFID readers and terminals. The business has its headquarters in Singapore, employs 56 members of staff and has operations in the United States, South America, Europe and the Asia Pacific region.
The business expects a turnover in excess of $150 million in 2017.
“I find it very satisfying that AdvanIDe receives a committed long-term investor that gives the business a new strategic home and creates opportunities for a continued positive development,” explained Johan Molin, president and CEO of ASSA ABLOY.