The parties did not disclose terms of the deal, but a source pegged the acquisition price as more than $10 million.
TRUMPF, which makes high tech manufacturing products, such as laser cutters and 3D printers, previously invested in C-Labs and licensed its technology. Founded in 2009, C-Labs spent its first five years designing custom software one customer at a time. But in 2014 the company brought on former Microsoft and Bsquare veteran John Traynor to help turn all the technology it had developed over the years into a prepackaged solution it could sell to a wider audience.
The company turned its focus to Internet of Things and the industrial market. The key behind C-Labs’ offering is the ability to monitor what’s happening on a manufacturing production line through remote sensors that can connect to smart devices. More and more industrial equipment is becoming internet-connected and capable of tracking everything from conveyor belt speed to the temperatures inside holding tanks. But, given strict cyber security protocols across the manufacturing industry, it’s difficult to share that information outside the factory floor. C-Labs says it is able to do just that while still working within security frameworks, so as not to open any gaps for cyber attacks.
“When I founded C-Labs in 2009, the term ‘Internet of Things’ (IoT) was not yet in popular use,” said Chris Muench, who will remain CEO of C-Labs following the TRUMPF deal. “Now our software simplifies and secures vital communications in places as diverse as automotive plants, power generation facilities, and research labs.”
The 15-person company, which recently released the fourth generation of its software will continue to operate independently. The deal with TRUMPF, a global company, opens doors for C-Labs to acquire more customers and gives it access to greater resources.