InnoWave announced the entry into the capital of Cycloid, a company specialized in the design, development, implementation and management of innovative solutions in the areas of TV and media, IoT and analytics, using cloud technologies and artificial intelligence/machine learning.
The entry of the technology company in the national group will allow the reinforcement of skills as well as explore new business opportunities. It will also promote internationalization since 66% of Cycloid’s turnover is related to external business and was decisive for the purchase.
Furthermore, it allows InnoWave to grow and strengthen its position in the IT market. This year, the company expects revenues of 30.9 million euros, which represents a growth of 28% compared to 2021.
InnoWave has a mergers & acquisitions strategy to grow the business and the group, having acquired Wintrust in 2018, to strengthen the software testing area, and ViGIE Solutions in 2019, to solidify its position in the areas of IoT and Healthcare.
Tiago Gonçalves (in the photo), CEO of InnoWave, explains the acquisition: «in a time where the market presents companies with multiple and demanding challenges, InnoWave assumes itself as a buyer of companies with skills that reinforce our portfolio and that have a strong international footprint. This acquisition is another step in our growth strategy, which also materialized in competence centres in Portugal, such as Lisbon, Porto, Coimbra, Faro and Beja».