“BaltCap” sells technology company “Vendon” to international group “Azkoyen”

“BaltCap” sells technology company “Vendon” to international group “Azkoyen”
“BaltCap” sells technology company “Vendon” to international group “Azkoyen”
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BaltCap, the largest private capital fund manager in the Baltic States, is selling the Internet of Things technology company Vendon SIA to the leading Spanish technology group Azkoyen in Latvia.

“Vendon” provides remotely controlled vending machine control and payment processing solutions. Founded in Riga in 2011, “Vendon” currently manages more than 45,000 vending machines connected to one system, and the largest orders are in France, Germany, the Benelux countries and the United Kingdom. The company aims to become a global player, operating connected devices in 82 countries around the world.

“BaltCap” helped “Vendon” to become a significant market participant in this area. “BaltCap Latvian VC Fund” has invested in the company in several batches since 2011. During the first five years, the investment amount of “BaltCap” increased from 0.5 to 1.46 million. euros.

“BaltCap” has always sought to reveal the true potential of companies in the Baltic States and to help local talent grow their business to an international level. “Vendon”, together with “Azkoyen Group”, will have the opportunity to expand geographically, new modern technologies have been developed”, noted Simonas Gustainis, managing partner of “BaltCap”.

“Vendon” manager Kristianas Vėberis says that when the company achieved fantastic results, it turned from a small Latvian Internet of Things solution company into a respected global market player. “It wouldn’t be possible without great teams and partners’ help. I believe that when the strategic investment of “Azkoyen” opens more doors for us, it will help us reach a new level of development. “Looking into the future, I am very optimistic and am looking forward to starting work in the Azkoyen Group team”, – noted K. Vėberis.

Įsigijimas will accelerate the international growth of “Azkoyen Group”, ensuring a good position in Central Europe. Besides, acquisitions are very important for the development of the company’s payment services, platforms and Internet of Things solutions – areas of activity that are very important for the group’s financial capacity. The acquisition of “Vendon” will also help realize synergies and ensure business development by developing new technologies and services.

Sandorio’s clients were Porta, Cobalt and Ernst & Young (EY).

Photo: Kristianas Vėberis, manager of “Vendon”.

About Grupo Azkoyen

“Grupo Azkoyen SA” based in Navarre (Spain) is an international company specializing in the design, manufacture and sale of electronic payment, control and security systems, mechatronics and vending machines. In the group, there are three main divisions – there are vending machines (“Azkoyen” and “Coffetek” brands), payment technologies (“Coges”, “Azkoyen Payment Technologies” and “Cashlogy” brands and laiko kontrolės ir security (“primion”, GET, “Digitek” is an “Opertis” brand).

More information:
Vaidotas Vyšniauskas
Publicum Fcomm
+370 612 73474
[email protected]

The announcement was made by: Ineta Stravinskaitė, Publicum Financial Communications, UAB

“BNS Spaudos center” publishes press releases of various organizations. The content of the messages is the responsibility of the persons who posted them and the organizations they represent.


The article is in Latvian

Tags: BaltCap sells technology company Vendon international group Azkoyen

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