By Dominic Chopping


STOCKHOLM--Swedish truck maker Volvo AB said Tuesday that its venture capital arm has invested in Optibus Ltd., a company that develops optimization software for public transportation planning and management.

"Volvo Group Venture Capital's investment in Optibus accelerates the digitalization and electrification of the global public transportation sector," it said.

"Advanced software solutions are key for cities and bus operators to take advantage of the market development. Optibus and Volvo Group will collaborate to create mutual strategic learnings and growth opportunities," it added.

The Optibus solution is in use in 1,000 cities in 26 countries across North and South America, Europe, the Middle East and Africa, and Asia Pacific.

Financial terms weren't disclosed, but Volvo said the deal has no significant effect on its earnings or financial position.


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(END) Dow Jones Newswires

July 05, 2022 09:48 ET (13:48 GMT)

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