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Bulgaria's Allterco in talks to buy Slovenian IoT firm GOAP for 3.3 mln euro

Bulgaria's Allterco in talks to buy Slovenian IoT firm GOAP for 3.3 mln euro Allterco/All rights reserved

SOFIA (Bulgaria), June 9 (SeeNews) - Bulgarian IoT products manufacturer Allterco [BUL:A4L] said that it is planning to acquire Slovenian sector player GOAP d.o.o. Nova Gorica for around 3.3 million euro ($3.5 million) so as to broaden its product portfolio and enter new markets.

Allterco has already put a cash-and-stock offer before GOAP's shareholders, the Bulgarian company said in a bourse filing late on Wednesday.

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Founded in 1990 and based in Solkan, western Slovenia, GOAP specialises in solutions for home automation modules and systems. The company is broadly known for its Qubino unit which makes smart home devices under the Z-Wave wireless communication protocol. GOAP also claims to have a 50% share of the market in cruise ship automation devices.

The proposed acquisition is seen to enable Allterco to expand its product offering to both retail and business clients and to gain a presence in promising niche automation markets.

Details of the negotiations will be made public in due course, in line with legal requirements, Allterco added.

In 2021, Allterco saw a 51% annual jump in consolidated sales of IoT devices and related services to 59.5 million levs ($32.6 million/30.4 million euro). The company makes energy measurement devices, products under the home automation brand Shelly as well as MyKi tracking devices for kids.

Last year, Allterco became the first Bulgarian company to trade on a foreign bourse after completing a secondary listing on the Frankfurt Stock Exchange. It also set up a unit in Germany, Allterco Europe GmbH.

Shares in Allterco rose 2.99% to 18.95 levs on the Bulgarian Stock Exchange shortly after Thursday's open.

($ = 0.9332)

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