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Bulgaria's Shelly Group acquires LOQED assets

Jul 11, 2024, 11:09:59 AMArticle by Mihaela Miteva
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July 11 (SeeNews) - Bulgarian IoT products maker Shelly Group [BUL:SLYG; FRA:SLYG] said on Thursday that it has acquired the assets of Dutch smart lock producer LOQED, currently in insolvency proceedings, in a bid to tap into the growing smart locks segment.

Bulgaria's Shelly Group acquires LOQED assets
Image source: LOQED

The deal is priced at some 150,000 euro ($162,376), to be paid in cash, Shelly Group said in a bourse filing.

The acquisition includes LOQED's technology, intellectual property and inventory, along with direct access to the contract manufacturer's plant in China and suppliers of primary products. Shelly will initially continue to operate the LOQED platform and later integrate it into its Shelly Cloud solutions, it said.

The move allows Shelly to enter the growing global intelligent door locks market, projected to expand at an average annual rate of 15.4%, reaching up to $5.8 billion by 2029.

"By acquiring LOQED's technology and inventory, we are intelligently tapping into a sustainable growth market. In addition, we will be able to generate revenue from the sale of existing products from day one while we continue to develop the technology and realise efficiency potential. We are confident that with LOQED as part of Shelly, we will be able to generate significant revenue and earnings contributions as soon as 2025," Shelly Group co-CEO Wolfgang Kirsch said.

Maarssen-based LOQED, founded in 2016, filed for bankruptcy in May due to a smaller-than-expected market for high-end smart locks, which has not grown quickly enough to sustain the company, according to an earlier statement.

As of 1000 CEST on Thursday, shares in Shelly Group traded 0.28% lower at 71.80 levs ($39.74/36.71 euro) on the Bulgarian Stock Exchange.

($ = 0.9238 euro)

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