AUSTRIA/NORWAY - GCP-backed Identec acquires TunnelCom

Founded in 1999, Identec provides active wireless tracking solutions for the automotive, oil, gas and mining industries. Headquartered in Lustenau, Austria, the company has offices in the US, Hong Kong, Germany, Australia and Norway.

Tunnelcom develops the Automatic Tagging System (ATS), an electronic access, passage and safety system developed for tunnels and mines.

This is the second add-on acquisition of Identec. In 2006, the business acquired Weinheim-based Baumer Ident GmbH, a manufacturer of industrial autoidentification systems focusing on the automobile sector.

GCP first invested in Identec in March 2004 as part of a EUR 4m second financing round, alongside existing investors Danube Equity, Zumtobel Beteiligungsgesellschaft and private investors. GCP invested in parallel from its two funds, iLab24 AG and gamma II Beteiligungs-AG.

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