Naventik GmbH is a non-listed company based in Chemnitz, Germany, specializing in absolute (end-to-end) positioning using proprietary software satellite navigation (GNSS SDR) and sensor fusion technology for ADAS solutions with functional safety. The developed software-based technology approach for high-precision positioning addresses in particular automotive (ADAS) as well as industrial (AGV, AMR) applications.
After the spin-off from the TU Chemnitz, the Technologiegründerfonds Sachsen (TGFS) and GPS Ventures invested in Naventik in addition to the founders. In addition, a convertible loan was issued by the shareholders and the Mittelständische Beteiligungsgesellschaft Sachsen (MBG) to finance the company's growth.
Already with the spin-off from the TU Chemnitz as well as the participation of TGFS and GPS Ventures, the sale of the company to a suitable strategic investor was a basic exit option in order to accelerate and implement the necessary certification (Asil B) as well as the subsequent platform and series application of the developed software and technology, especially in the automotive and industrial (AGV/AMR, Drone) as well as railroad sector.
After the company had successfully implemented initial pilot projects in the automotive and industrial sectors and received PoCs and letters of support from leading OEMs, the question arose at the transaction date as to which partner and investment structure would be most suitable for driving forward and optimally supporting the marketing of the developed software and technology. During the transaction process the macroeconomic environment deteriorated due to the Ukraine conflict as well as rising inflation especially due to strongly increased material and energy costs, which led to rising interest rates. As a result, VC investors in particular became increasingly restrictive in their investment decisions.
Due to NAVENTIK's technology approach and the market environment, the main focus of the M&A process was placed on strategic investors and corresponding CVCs. For this purpose an international M&A process in auction format was conducted with relevant OEM's, semiconductor manufacturers and Tier 1's especially from Europe, USA and Asia to identify the best buyer.
After intensive dialogues, Swiss listed semiconductor manufacturer u-blox was ultimately selected as the optimal partner.
u-blox (SIX:UBXN) is the world's leading supplier of semiconductors, modules, software and solutions in the field of wireless communications and electronic positioning solutions for automotive, industrial and consumer markets. The products offered by u-blox enable people, vehicles and machines to determine their exact position and communicate wirelessly. Headquartered in Thalwil, Switzerland, u-blox has a global presence with operations in Europe, Asia and the United States.
Scope of Mandate
ARGONAS fully advised and supported TGFS and GPS Ventures as well as the founders and management of Naventik as exclusive sell-side M&A advisor in all streams of the preparation and implementation of the process.