Bosch has decided to sell its smart building product business, including its security and communications technology (SCT) products, to Triton Partners, a private equity firm. The deal is expected to be completed soon. Kirkland & Ellis and Latham & Watkins advised on the sale, while Bosch was represented by Latham & Watkins. EQT and Main Capital have also been active in the human resources technology (HR tech) space, making new investments in the sector.
Triton Partners plans to carve out Bosch Security and Communications Technology (BSCT) from the parent company, creating a separate business entity. This is not the first time that Bosch has sold off some of its assets. Main Capital and EQT, on the other hand, are focusing on the growing HR tech market, providing investments to companies in the space.
The sale is part of Bosch’s effort to focus on its core businesses and divest its non-core assets. It is expected to benefit from the deal, allowing the company to concentrate on its key areas of focus, while Triton Partners gets to expand its portfolio.