Tecnet, EQVenture sell NXT Control to Schneider Electric

Tecnet, the investment fund of the federal state of lower Austria, purchased a 38% stake in the company for €2m in October 2009.

Tecnet and EQVenture were the largest shareholders at the time of acquisition with roughly equal stakes, according to a source close to the situation. NXT management and a few other early-stage investors also held stakes, the source said. 

The acquirer has annual revenues of €25bn and a market cap of €40.5bn, according to its website. The head of the technical division, Fabrice Jadot, said NXT's software would be key for Schneider's own EcoStruxure architecture.

Previous funding
In October 2009, Tecnet invested €2m for a 38% stake in the company.

EQVenture is also among the largest shareholders.

Company
Leobersdorf-based NXT develops software for industrial control processes and was founded in 2007. Clients include steering system manufacturers, engineering companies and systems integrators. The company's website states that the majority of control technology is more than 15 years old and outdated – it hopes to take advantage of this with its own control systems.

People
Tecnet Equity – Jürgen Milde-Ennöckl (investment manager).
Schneider Electric – Fabrice Jadot (chief technology officer).
NXT Control – Horst Mayer (CEO).

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