Daimler Buys Digital Service Provider Cinteo

By Max Bernhard Features Dow Jones Newswires

Daimler AG (DAI.XE) said Monday it bought Cinteo GmbH, a provider of digital marketing and sales solutions, for an undisclosed sum, in order to increase its in-house digital expertise.

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The German car maker said it is now the sole owner of the German company--with offices in Berlin and Stuttgart. Cinteo was founded as a subsidiary of German digital service provider Diconium in 2015 and employs more than 100 people. Daimler plans to increase the number of employees to around 300 and add a third office in Lisbon, it said.

The company has been reincorporated as Mercedes-Benz.io GmbH and will develop digital products and services exclusively for Daimler's Mercedes-Benz brand, the car maker said.

Write to Max Bernhard at Max.Bernhard@dowjones.com; @mxbernhard

(END) Dow Jones Newswires

November 06, 2017 05:21 ET (10:21 GMT)