Bosch eBike Systems to buy COBI
Bosch eBike Systems is set to acquire the Frankfurt am Main-based connected-biking start-up COBI in Germany.
The companies have not disclosed the deal's financial details.
Bosch eBike Systems CEO Claus Fleischer said: "The acquisition of COBI provides the ideal opportunity to expand the product portfolio of Bosch eBike Systems in the area of connected products and services.
"COBI offers the necessary expertise and experience, as well as the appropriate technologies for a successful partnership."
Founded in 2014, COBI has created an option for cyclists to use their smartphone as a control, information and display unit.
COBI's technology platform is intended to make biking better connected, offering services such as navigation, music, phone and fitness functions.
COBI founder and CEO Andreas Gahlert said: "With Bosch as a strategic partner, we see huge scope for worldwide growth in the area of digitally connected products and services in the bike environment. For us, this is undoubtedly a significant step into the future.”
COBI’s product portfolio and technology platform can be used in conjunction with existing Bosch systems for future digital solutions.
Established as a start-up within the Bosch Group in 2009, eBike Systems has a wide range of products for electric bicycles, ranging from drive systems through powerful batteries to intuitively operated, smart on-board and bicycle computers.
Currently, more than 70 bike brands across the globe use components developed by Bosch eBike Systems.
The transaction is subject to the approval of the antitrust authorities.
Image: Bosch eBike drive systems intends to acquire COBI. Photo: courtesy of Bosch.