Porsche SE Buys German Transport Logistics Company

Porsche Automobil Holding SE says it has spent more than €300 million ($338 million) to acquire 97% of PTV Group, a traffic management and transport logistics software company based in Karslruhe, Germany.

Porsche SE, which owns 52% of Volkswagen AG, says it bought the company because of the growing importance of logistics in optimizing the movement of passengers and goods. CEO Hans Dieter Poetsch describes the PTV purchase as a step in “creating a complementary portfolio to the existing investment in VW.”

The holding company says PTV’s software is used by 2,500 cities in 120 countries to predict traffic flow, model city transportation networks and optimize travel routes.