ABB acquires majority stake in software service provider Meshmind
Published: Thursday, Jan 18th 2024, 09:30
Updated At: Friday, Jan 19th 2024, 00:59
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ABB has announced another small acquisition in the field of AI-supported applications. The technology group is acquiring a majority stake in software service provider Meshmind, an R&D engineering company.
This investment is intended to expand ABB's capabilities in the areas of software development and AI-based applications, including machine learning and image processing, according to a statement issued on Thursday. Meshmind will be part of the Machine Automation division.
ABB is thus taking over and integrating a total of 50 employees. The acquisition is intended to bundle engineering talent as well as AI and software expertise in a new global R&D competence center. This is located in Sarajevo, Bosnia. ABB intends to further accelerate the development of automation solutions in the Machine Automation division.
The transaction is expected to be completed in the first quarter of 2024. Financial details are not disclosed.
Just a week ago, ABB announced the complete takeover of the ETH start-up Sevensense, a specialist in AI-supported 3D vision navigation technology for autonomous mobile robots (AMR).
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