Investcorp Bank BSC affiliate Investcorp Technology Partners has acquired the SmartSpace business unit of Ubisense Group PLC, a Cambridge, U.K.-based provider of enterprise location intelligence solutions, for up to £35 million.
The acquisition, which includes the Ubisense brand, is expected to help drive growth for SmartSpace while also supporting Ubisense's expansion plans, said Gilbert Kamieniecky, managing director and head of Investcorp's technology private equity business, in a Jan. 9 statement.
The deal is the fifth transaction under the Investcorp Technology Partners IV LP fund, in which Investcorp raised $400 million in total committed capital.
SmartSpace is an enterprise software and sensor platform for location data to help manage complex manufacturing processes. It is used by companies in the aerospace, general industry and transportation sectors, among others.