Option, a company which connects things to the cloud, and Danlaw Inc. a global provider of telematics and connected vehicle solutions, have announced a corporate partnership investment.
The collaboration will facilitate news solutions for the market of Internet of Things (IoT).
The partnership marks a milestone for both companies signaling a collaborative model where companies join forces to complement each others strengths for achieving breakthrough solutions.
Raju Dandu, Founder and CEO of Danlaw said:
“This cooperation between two highly compatible companies with complementary strategic priorities, product and service offerings will deliver significant value for both organisations……. We see numerous opportunities to enhance our growth profile by offering integrated solutions that leverage Option’s superb design and engineering capabilities to deliver a more robust set of Connected Car and IoT solutions.”
Jan Callewaert, Founder and Executive Chairman of Option added:
“Entering in strategic partnerships is a unanimous decision of our Board of Directors. We are honored to be partnering with Danlaw, the clear technology and market leader in its segment. Both our companies highly regard creativity and excellence and we are looking forward to sharing our technical expertise and paving the way for innovations in the IoT market.”
Option and Danlaw will closely work together in the development of synergies for the CloudGate platform and engineering projects, by establishing joint sales and marketing channels and in developing new solutions for Connected Cars, smart housing, smart cities and new industrial M2M solutions.
Under the terms of the agreement Danlaw invests up to € 10 million in Option by means of a private placement in two phases.