ChargePoint has announced it has reached an agreement to acquire has·to·be, one of Europe’s leading electric vehicle (EV) charging software providers for €250 million ($373M CAD). The deal is expected to close later this year with the purchase price to be paid in cash and stock.
The purchase is the first for ChargePoint since it went public through a reverse merger with the special purpose acquisition company (SPAC) SwitchBack Energy in March of this year.
The deal will help ChargePoint, one of North America’s leading EV charging networks, accelerate their expansion plans in Europe.
“As an established leader in North America, our continued investment in Europe is critical to our stated growth strategy. We’re excited to announce our agreement to acquire has·to·be, a leader in its own right with a talented team, an impressive base of customers committed to e-mobility and robust technology. Our combined assets should position us to accelerate our leadership as electrification continues to take hold across continents,” said Pasquale Romano, President and CEO of ChargePoint.
With the acquisition ChargePoint will add 125 has·to·be employees. Also acquired under the deal is the company’s EV charging software which currently manages more than 40,000 networked ports and over 250,000 networked ports through open roaming agreements.