ChargePoint buys European charging software startup for $ 295 million – TechCrunch
ChargePoint has reached an agreement to buy European charging software company has.to.be for 250 million euros ($ 295 million) in cash and shares, the first acquisition of the electric vehicle charging network since it became a publicly traded company.
Through the agreement, ChargePoint gains more than 125 employees and the operating software of the company, which manages more than 40,000 networked ports in Europe. The acquisition will give ChargePoint a boost in its quest to gain market share beyond North America and the VW Group as a strategic partner.
The VW Group was an early investor in has.to.be, which was founded in 2013, and will continue its relationship with ChargePoint as well as other clients of the software company. like Ionity, Audi, Porsche, BP, Total, Lidl and GP Joule. ChargePopint will also add has.to.be offices to Munich, Salzburg and Vienna to its operations.
ChargePoint designs, develops and manufactures associated hardware and software, as well as a cloud subscription platform, for electric vehicles. The company is perhaps best known for its public and semi-public charging stations that consumers use to charge their personal electric cars and SUVs, as well as for its home chargers. However, ChargePoint also has a business activity that provides hardware and software to help fleet operators manage their delivery vans, buses, and cars.
In total, the company has more than 115,000 charging points around the world. ChargePoint also provides access to 133,000 additional public places to recharge through network roaming integrations in North America and Europe.
“Our continued investment in Europe is critical to our stated growth strategy,” ChargePoint President and CEO Pasquale Romano said in a statement, later adding that the companies the combined assets “should position us to accelerate our leadership as electrification continues to take hold on the continents”.
ChargePoint agreed in September to merge with specialist acquisition firm Switchback Energy Acquisition Corporation, with a market valuation of $ 2.4 billion. ChargePoint was able to raise $ 225 million in private equity investments, or PIPEs, led by institutional investors including Baillie Gifford and funds managed by Neuberger Berman Alternatives Advisors.
ChargePoint said at the time that it plans to use the new capital to expand in North America and Europe, enhance its technology portfolio, and significantly expand its commercial, fleet and residential businesses.