Sona Comstar has purchased a 54 percent stake in Novelic, a Novi Sad-based company, for 40.5 million euros through a combination of primary and secondary purchases.
India’s Sona Comstar has acquired a stake in Novi Sad-based Novelic Company. The acquisition is worth 45 million euros. Sona Comstar is one of the leading global providers of automotive technology solutions. It is a leading supplier to the fast-growing global electric vehicle (EV) market. Novelic, meanwhile, is a leading provider of mmWave radar sensors, perception solutions, and full-stack embedded systems.
Novelic, a leader in the $43 billion ADAS sensors market, has completed its acquisition of Sona Comstar. The acquisition will provide Novelic with access to Sona Comstar’s patented mmWave radar technology, which is the best solution for in-cabin sensing due to its high accuracy and lower cost. In-cabin monitoring is expected to see rapid adoption due to legislation and OEM actions in major automotive markets globally.
As Sona Comstar states in its press release, Novelic is one of the few profitable companies in this sector. Since its inception, Novelic has been generating profit. In 2022, Novelic’s revenue was 9.3 million euros; with 120 employees, it is a Serbian technology company.
“We started as a team of five, and today we have over 160 employees, including 130 engineers and 10 PhDs, developing product platforms in various European locations. We have done this by providing value to our customers and by generating and increasing revenues and profits year after year. To move into the next phase of our growth, we are delighted to have a strategic partner, Sona Comstar, who shares the same commitment to innovation and technology and who will support us in expanding our business,” said Novelic co-founder and CTO Veljko Mihajlović.