(Bloomberg) — Porsche Automobil Holding SE agreed to sell a majority stake in PTV Planung Transport Verkehr AG to private equity firm Bridgepoint Advisers Ltd. to help development of the traffic software firm.
Bridgepoint will acquire 60% of PTV for an undisclosed sum, while the Porsche and Piech billionaire family’s holding firm will retain the rest, according to a statement Tuesday. Porsche bought PTV in 2017 for more than 300 million euros ($350 million).
“Bridgepoint is a strong partner with deep understanding of software and broad experience in the development of companies,” said Lutz Meschke, Porsche Holding’s board member overseeing investment strategy. “There’s enormous potential for intelligent mobility and logistics.”
PTV is a developer of traffic and supply chain management software, allowing organizations such as city transport companies to monitor and forecast passenger flows. The firm, headquartered near the German city of Karlsruhe, generated 108 million euros in revenue last year and employs around 900 people in 28 locations worldwide.
The acquisition, due to close before the end of the year, expands Bridgepoint’s footprint in the infrastructure software sector. The firm has also invested in Elgin, a U.K.-based traffic software firm and Infinigate, a Swiss-based cybersecurity firm focused solutions for small and medium-sized businesses.
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