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England's Lucy Group buys 80% of Romanian IoT company Flashnet

England's Lucy Group buys 80% of Romanian IoT company Flashnet Source: Flashnet, Pixabay

BUCHAREST (Romania), June 17 (SeeNews) - England-based Lucy Group said it has acquired 80% shareholding in Romanian Internet of Things (IoT) company Flashnet from French electric utility company Engie and two minority shareholders for an undisclosed sum.

Flashnet’s leadership team will work closely with Lucy Group and with the Lucy Zodion division in order to develop the combined smart lighting businesses, Lucy Group said in a press release earlier this week.

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"We are committed to investing in smart lighting and smart city technologies, and there are compelling synergies between the Flashnet and Lucy Zodion businesses. Together they form a powerful platform for delivering world-class smart customer solutions," Lucy Group chairman Richard Dick said.

Both businesses will retain their names and will continue to offer their established brands to customers.

"The acquisition of a majority shareholding in Flashnet very much aligns with our strategic aim of creating a market-leading smart lighting business," Lucy Zodion managing director John Fox said.

The transaction also involved the sale of minority shareholding stakes by the other two minority shareholders, who remained in the business. Thus, Flashnet's founding CEO, Lorand Mozes and long-term investor Iulian Biro will remain in the company as minority shareholders, with Mozes continuing to lead the business going forward.

Engie acquired 60% of Flashnet in July 2018, looking to strengthen its position on the smart public lighting market. Established in 2005, Flashnet integrates the latest IT, energy and telecommunications technologies into hardware and software solutions, creating and implementing intelligent systems for urban infrastructure. The company employs 50 in Brasov, central Romania.

Lucy Group is a diversified international group with operating businesses across a number of sectors: Lucy Controls, Lucy Electric and Lucy Real Estate. The group now employs over 1,500 people across offices and factories in 10 regions and trades in over 70 countries. The group’s annual revenues topped £250 million ($307 million/ 292 million euro) in 2021.

(£1 =1.1684 euro)

Engie Romania SA (formerly known as GDF Suez Energy Romania SA) is among the biggest companies in SEE, for more reference take a look at Top 100 companies
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