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Sauter picks up stake in Race Tech

Staff Correspondent

CHENNAI: Switzerland-based Sauter AG, provider of building management systems, has picked up 25 per cent stake in Race Technologies, a Chennai-based building automation and management systems company, at a cost of Rs. 5 crore.

The company acquired these shares from the promoters for an undisclosed premium.

Addressing a press conference here on Thursday, R. Suresh, Director of the company, said Sauter was planning to invest a further Rs. 25 crore in the Chennai company over the next couple of years. "We have been working with Sauter for the last 10 years. We have not decided to what extent we will dilute our stake further in favour of Sauter," he said.

Mr. Suresh said, "this partnership brings together the expert field application knowledge of Race with technological expertise of Sauter for securing a substantial growth in the building automation and management solutions market (BMS) in India and neighbouring countries.

"The money thus raised will be used for expansion and creating new infrastructure to take advantage of the market," he added.

S. Bhagavan, Director of Race Technologies, said the company had provided building management systems for renowned clients such as TIDEL, Ascendas, Cognizant, World Bank, Microsoft, HP, IBM, Philips and Bosch. It had a strong footing in pharmaceutical and biotechnology related BMS applications. The company was hoping to grow from a turnover of Rs. 28 crore to over Rs. 70 crore in three years, with inclusion of additional business and geographical segments.

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