Telecommunications giant GO plc has announced that it has acquired a majority shareholding in the Internet of Things (IoT) green tech company Sense Innovation Group Limited (SENS).

In a statement released to the Malta Stock Exchange, GO said that has concluded a transaction that will result in the subscription of 76 per cent shareholding in SENS.

The total consideration payable for the subscription of the shares is €1 million with the possibility of a further €1.85 million earnout depending on the performance of SENS over a three year period.

SENS is an energy management company that leverages proprietary IoT-based technology to reduce energy consumption and associated costs for commercial buildings.

It evolved from Electronic Systems Design Ltd, founded in 1996 by Michael Bonello, an engineer who now serves as SENS CEO.

It designs and builds customised solutions for clients that improve their business operations and efficiencies whilst also contributing to the environmental responsibilities that modern business governance and legislation demands.

SENS serves large hotels and commercial clients in Malta, UK, mainland Europe and Dubai.

GO said that further to this “strategic acquisition that further strengthens its investment in IoT as part of its drive of digital Malta”, it anticipates that new opportunities will come its way as it offers environmentally conscious energy saving solutions to companies in Malta, Cyprus and UK.