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Bulgarian IoT devices maker Allterco sets up unit in Germany

Bulgarian IoT devices maker Allterco sets up unit in Germany Allterco/All rights reserved

SOFIA (Bulgaria), November 30 (SeeNews) - Bulgarian IoT products maker Allterco [BUL:A4L] said on Tuesday that its wholly-owned subsidiary Allterco Europe GmbH has been entered into the German commercial register.

Wolfgang Kirsch will be the manager of the newly-established company, Allterco said in a bourse filing.

Last month, Allterco said that Allterco Europe GmbH will be headquartered in Munich and will have a registered capital of 500,000 euro ($568,430).

The registration of a subsidiary in Germany, one of the main European markets for IoT devices under the Shelly brand, aims to optimise distribution, logistics and customer service, as well as to develop the trade network in the country and reinforce the brand's positioning, the company said at the time.

Last week, Allterco started trading on the Prime Standard market segment of the regulated market of the Frankfurt Stock Exchange.

($ = 0.8796 euro)

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