BERLIN (Reuters) - Germany’s Software AG (SOWGn.DE) has raised its outlook for sales from industrial internet business after the division’s sales doubled in the first quarter.
The company, based near Frankfurt, said late on Friday it expects sales of its IoT/Cloud (Internet of Things) business to grow between 100 and 135 percent this year, compared with a previous guidance for 70-to-100 percent growth.
That would indicate sales of between 30 and 35 million euros (26 and 30 million pounds), compared with a previous forecast for 25-30 million, it said.
Germany’s No. 2 business software maker in January split out IoT as a separate division.
First-quarter sales from IoT jumped 125 percent from year-earlier figures to 6.4 million euros, the firm said.
Reporting by Andreas Cremer; Editing by Clelia Oziel