The STIHL Group has taken a stake in GreenIQ, an Israeli startup company which specializes in the development, sale and distribution of connected products for garden applications, such as irrigation and lighting. Dr. Bertram Kandziora, STIHL executive board chairman, explained the acquisition of stock: "Our stake in GreenIQ will accelerate our activities in the area of digitalization and connected products. For example, a conceivable application would be the intelligent marriage of a lawn irrigation system with the iMow C robotic mower of our subsidiary VIKING". In December 2016, Odi Dahan, founder and CEO of GreenIQ, and the STIHL Group entered into agreements on the purchase of 34.42% of shares in GreenIQ Ltd., based in Tel Aviv, Israel. The contracts, with transfer of ownership, were closed on January 16, 2017.
Business relationship and cooperation on a partnership basis
GreenIQ and STIHL intend to maintain business relations on a partnership basis and seek close cooperation in different fields. GreenIQ will continue to operate independently on the market even after the acquisition of shares. "The participation is not only to secure access to a team of experienced software developers for connected products, but also to support the development of our own STIHL smart garden hubs", said Dr. Kandziora. It was agreed not to disclose the purchase price.
GreenIQ: Israeli software developer for connected products
GreenIQ was founded in 2013 and operates in the dynamic market of Smart Garden applications. The company sells its products to customers throughout the world and currently manufactures primarily a so-called Smart Garden Hub, which allows the control of garden irrigation via a mobile app. Intelligent garden irrigation taking into account extensive weather and sensor data can save significant amounts of water – which makes a major contribution to the protection of nature and the environment, in arid regions in particular. Expansion of the product portfolio is being planned already. GreenIQ employs a small but experienced team of hardware and software engineers in Tel Aviv who develop connected products. Tel Aviv is the center of the Israeli high tech industry and a location for the development of products that are highly dependent on software.