LKT advised Norbit ASA on its acquisition of iData Kft.

LKT has advised Norbit ASA on its acquisition of iData Kft. working together with leading Norwegian law firm Schjodt as lead counsel. iData is a technology company headquartered in Hungary, specializing in services related to vehicle tracking and fleet management with EUR 5 million in revenue in FY20 and tracking 34,000 vehicles for 4,200 customers. The transaction gives iData an enterprise value of EUR 14.5 million.

NORBIT is a global provider of tailored technology to the following carefully selected business segments: (i) The Oceans segment delivers tailored technology and solutions to the global maritime markets; (ii) the Intelligent Traffic Systems (ITS) segment offers tailored connectivity solutions based on short-range communication technology to traffic systems and truck applications; and (iii) the Product Innovation & Realization (PIR) segment offers R&D services and contract manufacturing to key customers. The acquisition will create a broader platform for growth within NORBIT's ITS business segment. Hungarian market leading iData with its strong customer base fits well into NORBIT’s selective M&A strategy and it will play a key role in building a subsegment, within its business unit ITS, based on selected 5G/IoT niche applications with a high share of recurring subscription-based revenues.

The LKT team on the deal was led by Iván Sólyom, Corporate and M&A Partner, assisted by Nóra Szigeti, Senior Corporate Lawyer and Éva Bognár, Senior Counsel and Head of Employment.