ChargePoint to buy VW-backed charging software firm for $295 million

FILE PHOTO: A ChargePoint station on display at the Frankfurt Motor Show (IAA) in Frankfurt, Germany, September 12, 2017. REUTERS/Christoph Steitz/File Photo

FRANKFURT (Reuters) - ChargePoint, one of the world's largest electric vehicle charging networks, on Tuesday said it has agreed to acquire operating software firm has.to.be for 250 million euros ($295 million) to expand its foothold in the European market.

Founded in 2013, has.to.be, in which Volkswagen is a minority shareholder, employs 125 people in Austria and Germany. Its software manages more than 40,000 charging points on the continent, with access to 250,000 via roaming agreements.