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Vodafone's German unit to buy IoT services provider

Vodafone GmbH will acquire grandcentrix GmbH, a Germany-based system integrator of internet of things-based solutions for industrial smart products, smart home and smart energy.

The Vodafone Group PLC unit will buy grandcentrix from venture capital firm High-Tech Gründerfonds Management GmbH, which invests in tech-driven startups, for an undisclosed amount.

Vodafone GmbH expects the acquisition to boost its market position in the IoT sector.

The deal is intended to be completed by Jan. 1, 2020, subject to approval by Germany's Federal Cartel Office, or Bundeskartellamt.

High-Tech Gründerfonds first invested in grandcentrix in a March 2010 funding round, according to S&P Global Market Intelligence data.