Hungaryʼs Tungsram has acquired a 61% stake in vintoCON, the developer of facility management software ArchiFM, from four private individuals, the lighting company said, as reported by state news wire MTI.
Ádám Korbuly, one of the private individuals who founded the company, will remain a minority stakeholder in vintoCON, Tungsram said, without disclosing the transaction price. VintoCON will continue under the name Tungsram Innovative Solutions.
Ferenc Pongrácz, general manager for innovation at Tungsram, called ArchiFM a "perfect match" for the division of Tungsram that specializes in smart products and services.
"With the help of Tungsram, ArchiFM will be able to expand across the border, and the knowledge we gain internationally can be brought back home to strengthen the foundation of our knowledge base locally, contributing to the development of the Hungarian software industry," Korbuly said.
VintoCON had net revenue of HUF 134 million last year, public records show.
Last year, General Electricʼs lighting business in Europe, the Middle East, Africa and Turkey, as well as its global automotive lighting business, was acquired by its chief executive in Hungary, Jörg Bauer. He gave the business back its old name, Tungsram, a global Hungarian brand that is still synonymous with lighting products in many parts of the world more than a century after its establishment, MTI recalled.