Summit Partners has acquired Elatec, a German manufacturer of radio frequency identity (RFID) readers, from Deutsche Private Equity.
Elatec develops and manufactures contact and contactless RFID readers and writers used for smartcards and Bluetooth systems. Based in Puchheim, near Munich, it also has representative offices in the US, Brazil, South Africa, Singapore, Japan and Australia.
Deutsche backed Elatec in January 2016, at which time it had 70 employees and around €22m of turnover. Since then the company has nearly doubled revenues and headcount.
Deutsche will retain a minority stake in the company.
“The company has achieved its goals faster than planned, and we look forward to participating in the company’s continued development as a minority shareholder,” said Deutsche Private Equity partner Frank Müller.