Race Tech signs agreement with Sauter AG

Chennai, Nov 23 (UNI) City-based Race Technologies, providing leading edge solutions for intelligent buildings, today signed an agreement with Switzerland-based Sauter AG, enabling the latter to invest about Rs 25 crore in Race in the next three years.

Addressing a press meet here, Race Director S Bhagavan said the company was associated with Sauter AG for more than a year and today's agreement cemented the ties between the two companies.

'The partnership brings together the expert field application knowledge of Race with technological expertise of Sauter for securing sustainable growth in the building automation and management market in India and neighbouring countries,' he said.

The money invested by Sauter would be utilised for expansion and creating new infrastructure to take advantage of the buoyant Indian market, Mr Bhagavan said.

Sauter CEO Bertram Schmitz said the company was excited about the new partnership. 'The technical expertise of Race, coupled with the leading edge product range of Sauter will open new opportunities for both partners.' To begin with, Sauter, which manufactured almost all equipment necessary for Building Management Systems (BMS), would invest Rs five crore in Race, acquiring 26 per cent of equity, he said.

Having captured 65 per cent of market share, Race Technologies was the leader in pharmaceutical and biotech related BMS applications, Mr Bhagavan said. Race also enabled noted companies like TIdel, Ascendas, Cognizant, World Bank, Microsoft, IBM, Philips, Bosch.

The company had received special recognition last year, when Cyber Tower building in Mauritius, to which it provided BMS, had received 'Intelligent Building of the year award', he said.

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