Azkoyen Group Acquires 100% of Vendon

Azkoyen Group acquires 100% of Latvian company Vendon and becomes European leader in IoT solutions, telemetry and payment solutions.

Azkoyen company building
  • Latvian company to lead Central Europe in IoT, telemetry and payment solutions
  • New company contributes to growth of payment solutions business and development of Coges and Cashlogy brands
  • Purchase price amounts to EUR 9.3 million plus payments based on future sales
  • Digital payments, connectivity and IoT segment has grown steadily by more than 20% per year over the past 7 years


Azkoyen Group, leading Spanish technology group for automated products and services has acquired 100% of Latvian company Vendon for EUR 9.3 million. Vendon is part of the Draugiem Group and is considered a market leader in Central Europe in connectivity and IoT solutions for digital payments and telemetry. The new company contributes to the growth of the payment solutions business and the development of Azkoyen's Coges and Cashlogy brands.

Founded in 2011 and headquartered in Riga, Vendon's main markets are France, Germany, Benelux and the UK. More than 45,000 machines in 82 countries are connected to Vendon solutions. Vendon generates 55 % of its turnover through its high proportion of regular customers. Vendon's potential lies in a very high level of training and research and development. The entire management team and the 34 employees were taken over.

Great synergy effects

Azkoyen expects great synergy effects from the takeover and continued strong international growth for the entire group. In addition, the acquisition is a major boost for the payment systems, platforms and Internet-of-Things (IoT) solutions business, which is the largest contributor to the group's EBITDA. The growth will also have an impact in the area of new technologies and services.

The integration of Vendon into the Azkoyen Group will strengthen the payment solutions area, as well as the Coges and Cashlogy businesses, through the development of new integrated systems, physical payment and cloud intelligence. Owners of automatic coffee machines, vending machines and in-store pick-up systems will be able to significantly reduce on-site appointments and maintenance. Remote access and online-driven data analytics allow vending machine performance to be captured and monitored in real time. Stock levels are also controlled remotely. New innovative contactless and mobile payment systems enhance the customer experience.

Commenting on the acquisition, Juan José Suárez, Chairman of the Supervisory Board of Azkoyen Group, said, "We are very excited about the acquisition of Vendon, not only because it is a great company with immense skills and talent and great experience in research and development, but also because of the numerous synergies we are generating, which will have a major impact on our growth plans and sales in the payment, connectivity and IoT segments, which are so important for our development, before the end of this financial year. Vendon's innovations and solutions will benefit our customers and improve their results in the short, medium and long term."

Kristiāns Vēber, CEO of Vendon, added: "Vendon was founded more than 10 years ago and in that time we have achieved great results. We have grown from a small IoT company in Latvia to a respected global player in the market. This would not have been possible without our team and partners who made this dream a reality. I believe that the strategic acquisition by Azkoyen Group will open new doors for both companies. Azkoyen Group is undoubtedly the right partner for Vendon to take the company to the next level. I'm excited about what the future holds and look forward to working with the Azkoyen Group."

"We are very proud that Vendon, as part of Draugiem Group, is recognised as a strong player in the global telemetry market, along with its solutions and impressive customer base. This agreement also confirms that we are able to develop effective IoT solutions in Latvia," emphasised Jānis Palkavnieks, Draugiem Group spokesperson.

"BaltCap's goal has always been to help growing companies in this region realise their true potential by helping local talent take their projects to the international stage. Within the Azkoyen Group, the Vendon team will have the opportunity to expand its reach and develop new innovative technology solutions," added Martins Jaunarajs. He is a partner of BaltCap, the largest private equity fund in the Baltic States, and a former majority shareholder of Vendon, which he has helped become a major player in its sector over the past decade.

About Azkoyen Group

Grupo Azkoyen S.A. is a multinational company based in Navarra (Spain) that specialises in the design, manufacture and marketing of technological solutions for electronic payment, control and security systems, mechatronic solutions and vending machines. The group consists of three main business units: Coffee & Vending Systems with the brands Azkoyen and Coffetek, Payment Technologies with the brands Coges, Azkoyen Payment Technologies and Cashlogy, and Time & Security with the brands primion, GET and Digitek, as well as Opertis for related mechatronic solutions.

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