Smart meter company Landis+Gyr has sold its Rhebo industrial IoT subsidiary to Everfield, a buy-and-hold investor in European B2B SaaS businesses.

Founded in 2014 and headquartered in Leipzig, Germany, Rhebo provides security monitoring and anomaly detection for industrial networks and IIoT environments. Rhebo helps industrial companies and operators detect anomalies and cyber threats across OT networks and IIoT edge devices without interfering with ongoing operations.

Rhebo has been part of Landis+Gyr since 2021. The transaction, reflecting an enterprise value in the high single-digit million US dollar range, follows Landis+Gyr’s realignment as it switches focus to its core business (iotm2mcouncil.org/iot-library/news/smart-energy-news/aurelius-completes-acquisition-of-landisgyr-in-emea/).

“As part of sharpening our strategic focus on our core business, Landis+Gyr decided to carve out our Rhebo OT security product division and transfer it to a strong European investor,” said Todd Wiedman, CEO of Rhebo (www.rhebo.com) from 2023 to 2026 and chief information security officer at Landis+Gyr. “With Everfield’s dedicated resources, deep expertise and clear commitment to the Emea market, we are very confident that the OT security business is ideally positioned to accelerate growth and deliver greater value to customers across the region.”

The new CEO of Rhebo is former COO Gerald Müller. He said: “In Everfield, we have found a partner whose ecosystem and expertise will provide us with optimal support for our continued growth. The investment focus on European B2B software companies is also a clear commitment and a strong opportunity for us to advance European digital sovereignty.”

Oscar Koberling, country manager for Dach at Everfield, added: “With a strong market position in Dach and deep technical expertise in OT security, Rhebo adds a critical capability to our ecosystem. We see a lot of opportunity in Rhebo given our experience in helping B2B software businesses grow and further improving their best-in-class product to continue serving its customers.”

Completion of the transaction remains subject to customary regulatory approvals and other standard closing conditions.

Landis+Gyr (www.landisgyr.com) is used by more than 3500 utilities worldwide.

Everfield (everfield.com) is a buy-and-hold investor in European vertical market and specialist software businesses. It operates a decentralised model that allows acquired businesses to retain their brand and legacy, while accessing operational expertise and a network of more than 40 B2B software companies across Europe.